Reliance Retail Ventures today announced that it has acquired a controlling stake in Just Dial for Rs 3,497 Crores.
The company, Just Dial Limited and VSS Mani have executed definitive agreements which will entail:
a) Preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) at price per share of Rs 1,022.25
b) Acquisition of 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62%post preferential share capital) at a price per share of Rs 1,020.00.
c) Shareholders agreement governing certain inter se rights and obligations between the
Reliance Retail Ventures would make a Public Announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial representing 26.00% in accordance with SEBI Takeover Regulations.
Speaking on this transaction, Isha Ambani, Director of Reliance Retail, said "Reliance is excited to partner with Justdial and Mr. VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward".