Reliance Retail’s New deal : Reliance Retail will hold 40.95 percent stake in Just Dial. The company announced this on Friday. The company has said that it will pay Rs 3,497 crore for this. With this decision of Reliance Retail, Reliance’s steps will be further strengthened in the fast growing e-commerce market. The company will bring an open offer for the remaining 26 percent stake in Just Dial.
Buying in Just Dial is part of Reliance Retail’s digital strategy
This investment made by Reliance in Just Dial is a part of its digital strategy. In the recent past, Reliance Retail has bought stake in many other companies. These include companies like Netmeds, Urban Ladder.
Huh. Reliance Retail, the retail arm of Reliance Industries Limited, will announce an open offer to buy 2.17 crore equity shares of Just Dial (which is equivalent to 26 percent stake in the company). In a regulatory filing with SEBI, the company has said that it will soon make a public announcement to bring the open offer.
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Founder of Just Dial will continue to serve as MD and CEO
VSS Mani, the founder of Just Dial, will continue to serve as the Managing Director and CEO. According to Reliance Retail, he will work for the growth of the next phase of the company. The deal between Reliance Retail and Just Dial will be subject to shareholders’ approval. Reliance Retail will get 25.33 percent of the 40.95 percent stake through preferential share allotment. Reliance Retail will get 2.12 crore equity preferential allotment of Just Dial. The company will get these shares at the rate of Rs 1022.25 per share. Reliance Retail will buy 1.31 crore equity shares from Just Dial’s promoter VSS Mani. With this deal, Reliance Retail will also get Just Dial’s database of 3.04 crore people. Mani started Just Dial 25 years ago.