Reliance Retail obtains 66.95 percent stakes in Just Dial
The retail arm of Reliance Industries Limited would hold 40.95 percent stakes in the company, as definite agreements made on July 16.
Reliance Retail Ventures Limited (RRVL) will acquire a 66.95 percent stake in Just Dail company. As per the agreement, the founder of Just Dail company Mr. VSS Mani will stay as its managing director and chief executive officer.
Reportedly, the retail arm of Reliance Industries Limited would hold 40.95 percent stakes in the company, as definite agreements made on July 16. The company would make an open offer to acquire 26 percent in accordance with takeover regulations. Reliance Retail has received the preferential allotment of 2.12 crore equity shares out of 40.95 percent stakes acquired by them.
Reliance has also acquired 1.31 crore equity shares from the managing director of the company. It is equal to 15.62 percent post preferential share capital at a price per share of Rs 1,020. The investment by Reliance Retail will boost the growth and expansion of Just Dail into a comprehensive local listing and commerce platform.