Reliance Retail Venture Limited (RRVL) is all set to acquire controlling stake of worth Rs 3,497 crore in Just Dial limited. The deal has been announced on Friday evening.
Accordingly, RRVL will acquire 25.33 per cent stake in Just Dial via preferential allotment at Rs 1,022.25 per share and acquire another 15.62 per cent from its founder V S S Mani at Rs 1,020 per share.
It will subsequently make an open offer for 26 per cent shares as per Sebi regulations. Mani will continue as the managing director and chief executive of the company.
Isha Ambani, Director of 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.”
This will help in growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would enhance transactions for millions of products and services. These investments will leverage Just Dial’s existing database of about 30.4 million listings and its existing consumer traffic of about 129.1 million quarterly unique users, RRVL said in a statement.