MUMBAI, India — The Reliance Retail Ventures Limited announced that it has acquired the sole control of Just Dial Limited in accordance with the SEBI Takeover Regulations with effect from Sept. 1.
The Securities and Exchange Board of India is the apex regulatory body for India’s securities and commodity market that functions under the jurisdiction of the Ministry of Finance, Government of India.
The Reliance Retail Ventures Limited will hold 40.98 percent in Just Dial Limited, as per the company’s official release issued on Sept. 2.
“On July 20, RRVL acquired 1.31 crore equity shares of INR 10 ($0.14) each of Just Dial for INR 1,020 ($13.95) per equity share from VSS Mani on the floor of the stock exchange through the block window facility,” said the Reliance Retail the statement.
“The acquisition represents 15.63 percent of the post-preferential issue paid-up equity share capital of Just Dial.”
“On Sept. 1, Just Dial, pursuant to the preferential issue, allotted 2.12 crore [21.2 million] equity shares of INR 10 ($0.14) each at INR 1022.25 ($13.95) per equity share (including a premium of INR 1012.25 per equity share) representing 25.35 percent of the post-preferential issue paid-up share capital of Just Dial to RRVL,” said Reliance Retail.
Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group.
The Reliance Retail Ventures Limited reported a consolidated turnover of INR 157,629 crore ($21.6 billion) and a net profit of INR 5,481 crore ($750 million) for the year ended March 31, 2021.
Reliance had announced the acquisition in July.
“RRVL would make a Public Announcement to the public shareholders of Just Dial to acquire up to 2.17 crore [21.7 million] equity shares of Just Dial representing 26.00 percent in accordance with SEBI Takeover Regulations,” Reliance said in a statement on July 16.
“VSS Mani shall continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth. The capital infused by RRVL (Reliance Retail Ventures Limited) will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services.”
Just Dial is India’s leading local search engine platform which provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text.
Just Dial had—30.4 million listings and 129.1 million quarterly unique users across the web, mobile, App, and voice platforms as of March 31, 2021.
(With inputs from ANI)
Edited by Saptak Datta and Praveen Pramod Tewari
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