Reliance Retail acquires sole power of Just Dial Ltd

Reliance Retail purchased 1.31 equity shares from Just Dial on 20 July at Rs 10 each (Rs 1,020 per equity share). The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial.

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Mukesh Ambani's Reliance Retail Ventures Limited has taken over the sole control of 25-year-old search and discovery firm Just Dial Limited as per the SEBI takeover regulations with effect from 1 September 2021. Reportedly, RRVL now holds 40.98 percent of JD after the completion of the deal. 

Reliance Retail purchased 1.31 equity shares from Just Dial on 20 July at Rs 10 each (Rs 1,020 per equity share). The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial. After this deal, Reliance Retail will be known as a promoter of Just Dial. 

On 1 September 2021, Just Dial allotted 2.12 crore equity shares of Rs 10 each at Rs 1022.25 per equity share under the preferential issue. The allotment also included a premium of Rs 1012.25 per equity share, representing 25.35% of the post-preferential issue paid-up share of JD to RRVL. The founder of Just Dial VSS Mani will proceed with the business-to-business (B2B) search engine as its managing director and chief executive officer.