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.