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.
Reliance Industries is going on a shopping spree resembling the zeal of an A-list actress checking out boutiques on Rodeo Drive!The latest goody in RIL's bag is Just Dial where it took a controlling interest of 40.95% for ₹3,497cr ($466m), and will make an open offer to acquire up to 26% more.Read more on the fine points of this deal and how it may affect the industry by clicking on the link below.https://transfin.in/reliance-acquires-just-dial-what-it-means-for-the-industry