Reliance Retail Ventures Ltd., an arm of Reliance Industries Ltd., is set to acquire a 41% stake in search and database firm Just Dial Ltd. for ₹3,497 crore.
Under the deal, Just Dial would make a preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post-preferential share capital) to RRVL at ₹1,022.25 a share and RRVL would acquire 1.31 crore equity shares (15.62%) from Just Dial MD V.S.S. Mani at ₹1,020 apiece.
RRVL will also make an open offer to buy an additional 26% stake of Just Dial from public shareholders.
“The capital infused by RRVL will help drive the growth of Just Dial into a comprehensive local listing and commerce platform,” RRVL said.
Isha Ambani, director, RRVL said “The investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.”
Mr. Mani said “Our strategic partnership with Reliance enables us to realise our vision and transform the business going forward.”
