- Internet technology B2B company Just Dial today said its board has approved raising up to Rs 2,164.8 crore through issuance of shares on a preferential basis to RRVL
Reliance Retail will hold a 40.95% stake within the company as per the definitive agreements on 16 July, as per a press release issued by Reliance Retail, and would make an open offer to accumulate up to 26% in accordance with takeover regulations set by the market regulator SEBI.
Just Dial today said its board has approved raising up to ₹2,164.8 crores through the issuance of shares on a preferential basis to RRVL.
The capital infused by RRVL will help drive the expansion and expansion of Just Dial into a comprehensive local listing and commerce platform, the corporate said during a regulatory filing.
Out of the entire 40.95% acquired by Reliance Retail, it’s received a preferential allotment of two .12 crore equity shares, which is like 25.33% post preferential share capital at a price per share of ₹1,022.25.
The Reliance Industries’ subsidiary has acquired 1.31 crore equity shares from VSS Mani, which is like 15.62% post preferential share capital at a price per share of ₹1,020.00.
Speaking on this transaction, Isha Ambani, Director of RRVL, said, “Reliance is happy to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a robust business through his business acumen and perseverance. The investment in the only Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for many of our partner merchants, micro, small and medium enterprises. we glance forward to working with the highly experienced management team of Just Dial as we further expand the business going forward.”
VSS Mani shall continue as a director and Chief military officer to steer Just Dial through subsequent phases of growth.
Just Dial would expand discovery on its platform and enhance transactions for many products and services. These investments will leverage Just Dial’s existing database of ~30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as of 31 March 2021), the official release added.