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Reliance Retail acquires majority stake in Just Dial for Rs3,497 crore

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harkirat singh
Reliance Retail acquires majority stake in Just Dial for Rs3,497 crore

ukesh Ambani’s telecom to petrochemicals conglomerate, Reliance Industries retail arm, Reliance Retail Ventures Ltd (RRVL), is acquiring a majority stake of 66.95% in local search company Just Dial for ₹3,497 crores.

 

Reliance Retail will hold a 40.95% stake within the company as per the definitive agreements on 16 July, as per a press release issued by Reliance Retail, and would make an open offer to accumulate up to 26% in accordance with takeover regulations set by the market regulator SEBI.

Just Dial today said its board has approved raising up to ₹2,164.8 crores through the issuance of shares on a preferential basis to RRVL.

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