New Delhi, With Just Dial board approving the allotment of 2.12 crore equity shares to Reliance Retail Ventures (RRVL), the Mukesh Ambani-controlled retail major now holds 40.98 per cent in the local search engine platform.
In an official statement, Reliance Retail on Thursday said that the company has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021.
RRVL had in July acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility.
The acquisition represented 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial.
Pursuant to the preferential issue, Just Dial on September 1, 2021 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 per cent of the post-preferential issue paid-up share capital of Just Dial to RRVL.
Reliance Retail had in July announced that it will acquire a controlling stake in Just Dial for a total consideration of Rs 3,497 crore.