Reliance Retail acquires sole control of Just Dial
Mumbai, Sep 2 : Reliance Retail Ventures Ltd (RRVL) has now now taken sole control of Just Dial Ltd.
The Reliance Industries' subsidiary now holds 40.98 per cent of the company as of September 1.
On July 20, the 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 V.S.S. Mani on the floor of the stock exchange through the block window facility.
The acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial.
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 1,022.25 per equity share (including a premium of Rs 1,012.25 per equity share representing 25.35 per cent of the post-preferential issue paid-up share capital of Just Dial to the RRVL.
Just Dial is a leading local search engine platform which provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text. Just Dial had 30.4 million listings and 129.1 million quarterly unique users across web, mobile, App and voice platforms as of March 31, 2021.
The company has recently launched its B2B marketplace platform, JD Mart which is aimed at enabling millions of India's manufacturers, distributors, wholesalers, retailers to become internet ready in post-Covid era, get new customers, and sell their products online.
The platform offers digital product catalogues to businesses and aims at digitalising India's businesses, especially MSMEs, across categories.
