Reliance Retail acquires 41% stake in search engine platform Just Dial

Reliance Retail Ventures (RRVL) said that it has acquired a controlling stake of 40.98% in Indian local search engine platform Just Dial Limited.

As per an announcement made in June 2021, the Reliance Industries subsidiary acquired 1.31 crore equity shares, which is a stake of 15.62%, in Just Dial from VSS Mani at INR 1,020 per share.

Reliance Retail Ventures followed it up by acquiring 2.12 crore equity shares, equivalent to 25.33%, in the local search engine company through a preferential issue, priced at INR 1,022.25 per share.

The retail division of Mukesh Ambani’s conglomerate is expected to make a public announcement to Just Dial’s public shareholders to buy up to 2.17 crore equity shares, representing a stake of 26%, in accordance with SEBI Takeover Regulations.

Overall, Reliance Retail Ventures had planned to acquire nearly 67% stake in Just Dial for INR 3,497 crores.