Reliance Retail, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, acquired a stake of 40.95 per cent for ₹ 3,497 crore in leading internet technology B2B company Just Dial. As per the definitive agreements on July 16, the retail company will make an open offer to acquire up to 26 per cent in accordance with takeover regulations set by market regulator SEBI.
This means that Reliance Retail may acquire a majority stake of 66.95 per cent in Just Dial. With the acquisition, Just Dial Founder VSS Mani will continue to lead the company as its managing director and chief executive officer (CEO).
Out of the total 40.95 per cent acquired by the Reliance Industries’ subsidiary, it has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 percent post preferential share capital at a price per share of ₹ 1,022.25.
