Further to the media release dated July 16, 2021 regarding acquisition of controlling stake in Just Dial, Reliance Retail Ventures Limited (“RRVL”), has now taken sole control of Just Dial Limited (“Just Dial”) in accordance with the SEBI Takeover Regulations with effect from September 1, 2021.
a) On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs.10/- each of Just Dial at a price of Rs.1,020/- per equity share from Mr. 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.
b) 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. 1022.25/- per equity share (including a premium of Rs. 1012.25/- per equity share) representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL.
About Reliance Retail Ventures Limited:
Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of ₹ 157,629 crore ($ 21.6 billion) and net profit of ₹ 5,481 crore ($ 750 million) for the year ended March 31, 2021.
Reliance Retail is the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte’s Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100.
About Just Dial:
Just Dial is India’s leading local search engine platform which provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text. Just Dial had ~30.4 million listings and 129.1 million quarterly unique users across web, mobile, App and voice platforms as of 31-Mar-2021. The Company has recently launched its B2B marketplace platform, JD Mart which is aimed at enabling millions of India’s manufacturers, distributors, wholesalers, retailers to become internet ready in post-COVID era, get new customers and sell their products online. The platform offers digital product catalogues to businesses and aims at digitalizing India’s businesses, especially MSMEs, across categories