Reliance Retail Ventures Acquires Sole Control of Just Dial Ltd: Check Report

Following the press statement dated July 16, 2021 about the purchase of a controlling share in Just Dial, Reliance Retail Ventures Limited ("RRVL") has now obtained sole control of Just Dial Limited ("Just Dial") in line with the SEBI Takeover Regulations, with operation from September 1, 2021. "On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs.10/- each of Just Dial at a price of Rs.1,020/- per equity share from Mr. VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial," said Reliance Retail Ventures Limited.

The venture has also confirmed that "On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs. 10/- each at a price of Rs. 1022.25/- per equity share (including a premium of Rs. 1012.25/- per equity share) representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL."

Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs 157,629 crore ($ 21.6 billion) and a net profit of Rs 5,481 crore ($ 750 million) for the year ended March 31, 2021. Reliance Retail is the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest-growing retailers in the world in Deloitte's Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100.

Just Dial is India's leading local search engine platform which provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text. Just Dial had ~30.4 million listings and 129.1 million quarterly unique users across the web, mobile, App, and voice platforms as of 31-Mar-2021.