Reliance Retail Acquires A Controlling Interest In Just Dial.
As of September 1, according to SEBI regulations, Reliance Retail has now obtained exclusive control of the local search engine platform Just Dial Limited.
Reliance Retail, the retail arm of billionaire Reliance Industries Limited, led by Mukesh Ambani, now owns sole control of the local search engine platform Just Dial Limited, holding a 40.98% stake. According to the Securities and Exchange Commission of India (SEBI) acquisition regulations effective September 1, 2021, the country’s leading retailer has complete control of this B2B Internet technology company.
On July 20, Reliance Retail acquired a 1.31 crore equity stake in Just Dial from Just Dial founder Mr. VSS Mani at a price of 1,020 rupees per share, with a share value of 10 rupees. Block window installation.
According to the regulatory documents submitted by Reliance Industries to today’s stock exchange, this acquisition accounted for 15.63% of Just Dial’s paid-in share capital after the priority issuance.
According to the priority offering, Just Dial allocated Rs 2.12 lakh shares of Rs 10 per share at a capital price of Rs 1,022.25 per share (including a participation premium of Rs 1,012.25). Shares-accounted for 25.35% of the paid-in share capital after the priority issuance to Reliance Retail.
It was previously reported that through this acquisition, VSS Mani will continue to lead Just Dial as its chief executive officer and chief executive officer (CEO). The funds injected by Reliance will utilize Just Dial’s existing database of approximately 30.4 million listings and its existing consumer traffic of approximately 129.1 million unique quarterly users.
On Thursday, September 2, the share price of Reliance Industries rose 1.05% on BSE to Rs 2,293.65 per share.
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