Reliance Retail Ventures Limited (RRVL) has taken sole control of Just Dial Limited in accordance with the Securities and Exchange Board of India (SEBI) takeover regulations with effect from September 1, 2021. Reliance Retail Ventures Ltd now holds 40.98 percent in Just Dial Ltd, a statement released by the company on September 2 read.
“RRVL on July 20, acquired 1.31 crore equity shares of ₹10 each of Just Dial at a price of ₹1,020/- per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial,” said RIL in a statement today.
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 percent of the post-preferential issue paid-up share capital of Just Dial to RRVL.
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Just Dial founder V.S.S. Mani will continue to lead the business-to-business (B2B) search engine as its managing director and chief executive officer, reported Mint.
Just Dial’s search engine platform provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text messages. The company recently launched its B2B marketplace platform JD Mart, which is aimed at enabling millions of manufacturers, distributors, wholesalers and retailers to become internet-ready in the post-covid era, get new customers and sell their products online.
Reliance Retail Ventures, which is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group, reported a consolidated turnover of Rs 157,629 crore and a net profit of Rs 5,481 crore for the year ended March 31, 2021.
Shares of Just Dial ended 2.4% higher on Thursday at Rs 981 apiece compared with a 0.9% rise in Nifty 50.
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 search engine as its managing director and CEO.){kind=link}