Reliance Retail Ventures Ltd (RRVL) is acquiring a controlling stake in 25-year-old search engine platform Just Dial for Rs 5,719 crore.
RRVL will acquire 25.33 per cent in Just Dial through a preferential allotment at Rs 1,022.25 per share and take another 15.62 per cent from its founder VSS Mani at Rs 1,020 per share, reported Business Standard.
According to the report, RRVL will then make an open offer for 26 per cent in accordance with Securities and Exchange Board of India (Sebi) regulations for a consideration of Rs 2,222 crore. Mani will continue as managing director and chief executive of the company.
Collectively, the promoters held 35.32 per cent in Just Dial as on June 30, 2021. Post this deal, they will be left with 10.7 per cent on the expanded capital.
Just Dial shares ended the Friday on NSE on Rs 1,070.00, down Rs 37.05 ( or 3.35%). The news about the deal came after the markets were closed.
