Reliance buys sole control of Just Dial

Tribune News Service

Updated At : 02:33 PM Sep 03, 2021 IST

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New Delhi, September 2

Reliance Retail on Thursday said it has acquired sole control of search and discovery firm Just Dial. Reliance Retail Ventures Ltd (RRVL) had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore.

On July 20, 2021, RRVL bought 1.31 crore shares of Just Dial at Rs 1,020 a piece from VSS Mani, founder and chief executive of Just Dial, in a block deal.

On September 1, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1,022.25 per equity share, representing 25.35% of share capital, to RRVL.

Together, RRVL now holds 40.90% in Just Dial.

RRVL will now make an open offer to buy a 26% stake from other shareholders of Just Dial. — PTI

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