Reliance Retail acquires sole control of Just Dial Ltd

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.

On July 20, 2021, RRVL had acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from the company’s CEO VSS Mani on the floor of the stock exchange through the block window facility.

The acquisition represents 15.63 percent of the post-preferential issue paid-up equity share capital of Just Dial, Reliance Retail said in a press release.

Read: Reliance Retail Q1 Results 2021 | Firm's net profit surges 123% YoY to Rs 962 crore; EBITDA grows 80%

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.

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.

Disclaimer:  Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.