Page 12 - வால்மார்ட் ஓஂட் பிளிப்கார்ட் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Mumbai: Reliance Industries Ltd. will buy a controlling stake in local search engine and e-commerce marketplace, Just Dial Ltd., for as much as 57.2 billion rupees ($767 million) as Mukesh Ambani s conglomerate looks to bolster its digital offerings. India s most valuable company plans to acquire 66.95% stake in Just Dial through its arm, Reliance Retail Ventures Ltd. It will use a combination of preferential allotment, a secondary purchase from founder V.S.S. Mani and an open offer for up to 26%. The first two will cost 35 billion rupees and the open offer as much as 22.2 billion rupees. Just Dial s board Friday approved the preferential issue of 21.2 million shares at 1,022.25 rupees each to Reliance Retail for aggregate 21.6 billion rupees in cash. The purchase price represents a 4.7% discount to the company s last closing price of 1,072.70 rupees per share, data compiled by Bloomberg show. Further, Reliance Retail will acquire 13.1 million shares from Mani at a price of 1,020 r

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