Reliance Retail to acquire 40.95% stake in Just Dial for Rs 3,497 crore
Reliance Retail to acquire 40.95% stake in Just Dial for Rs 3,497 crore
Reliance Retail Ventures Ltd has said it will acquire 40.95 per cent stake in Just Dial for Rs 3,497 crore. The investment is part of the telecom to petrochemicals conglomerate’s digital bet.
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UPDATED: July 17, 2021 07:23 IST
The retail arm of Reliance will make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial. (Photo: Reuters)
Reliance Retail Ventures Ltd (RRVL) on Friday said it will acquire 40.95 per cent stake in Just Dial for Rs 3,497 crore, bolstering its digital play in the rapidly growing online commerce market in India.
Reliance Retail to buy 67% Stake in Just Dial for Over Rs5,720 crore
Moneylife Digital Team
17 July 2021 2
In a statement, the company says, Reliance Retail Ventures will hold 40.95% in Just Dial and would make an open offer to acquire up to 26.0% in accordance with takeover regulations. VSS Mani, founder of Just Dial will continue to lead Just Dial as managing director (MD) and chief executive officer (CEO).
Reliance will use a combination of preferential allotment, a secondary purchase from VSS Mani and an open offer for up to 26% at Rs1,022.25 per share (offer price). The offer price is at a 4.5% discount to Friday’s closing stock price of Rs1,072.70. The first two will cost Rs3,500 crore and the open offer as much as Rs2,222 crore rupees in cash.
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