After Reliance Retail Ventures (RRVL) declared an open offer to buy a 26 percent stake in the company for Rs 1,022.25 per share, Just Dial slid 2.58 percent to Rs 1045.65.
Reliance Industries (RIL) announced the acquisition of a controlling share in local search engine business Just Dial for Rs 3,497 crore through its retail arm RRVL after market hours on Friday.
On July 19, market heavyweight Reliance Industries (RIL) was trading half a percent higher, while Just Dial was trading more than 4% lower.
RRVL is a RIL subsidiary that serves as the holding company for the RIL Group's retail businesses. For the fiscal year ending March 31, 2021, RRVL recorded a consolidated turnover of Rs 157,629 crore ($21.6 billion) and a net profit of Rs 5,481 crore ($750 million).
According to the statement, RRVL would own 40.95 percent of the company and would make an open bid to buy up to 26 percent in accordance with takeover procedures.
Just Dial was down Rs 55.15, or 5.14% percent, to Rs 1,017.55. It has traded between a high of Rs 1,085.00 and a low of Rs 1,014 during the day.