Moneycontrol Bureau
Shares of Just Dial rallied more than 4 percent on hopes of getting more foreign money. The local search engine has sought shareholders' approval for raising FII investment limit.
"The board of directors, on August 19, decided to seek approval of shareholders for increasing the limit on aggregate shareholding of foreign institutional investors/foreign portfolio investors in the company from existing 49 percent to 75 percent of the paid-up equity share capital," said the company in its filing.
Meanwhile, the board members considered the valuation report and approved acquisition of Just Dial Inc from Just Dial Global Private Limited. It also decided to explore business opportunities in global markets.
The company had told on July 26 that Just Dial Global, which has a license agreement with the company to operate in the US and Canada market through its subsidiary Just Dial Inc, had expressed its inability to operate in the US and Canada market. The termination of the license agreement was under consideration.
Just Dial's database consisted of approximately 14.1 million listings as of June 2014, up 48 percent compared to 9.5 million at the end of same quarter last year.
At 14:27 hours IST, the stock was quoting at Rs 1,786.50, up Rs 51.45, or 2.97 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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