Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), has executed definitive agreements with Just Dial Ltd and its founder & managing director VSS Mani & others to acquire controlling stake in Just Dial for a total consideration of ₹3,497 crore.
As per the deal, Just Dial will make a preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) to RRVL at price of ₹1,022.25 per share and RRVL will acquire 1.31 crore equity shares from VSS Mani (15.62% stake) at a price per share of ₹1,020.
Besides this, RRVL will make an open offer to acquire 26% shares (up to 2.17 crore equity shares) of Just Dial from public shareholders as per SEBI code.
VSS Mani will continue as managing director and CEO to lead Just Dial through the next phase of growth.
“The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform,” RRVL said in a statement
Isha Ambani, director, RRVL said “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.”
VSS Mani said “Our strategic partnership with Reliance enables us to realize our vision and transform the business going forward.”
The transaction is subject to shareholder and other customary closing conditions and approvals.