Reliance Retail To Acquire Majority Stake Of 66.95% In Just Dial

Reliance Retail, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, will acquire a majority stake of 66.95 percent in internet technology B2B company just Dial.

Reliance Retail, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, will acquire a majority stake of 66.95 percent in internet technology B2B company Just Dial. Reliance Retail will hold 40.95 per cent stake in the company as per the definitive agreements on July 16, according to a statement issued by Reliance Retail. The retail company will make an open offer to acquire upto 26 per cent in accordance with takeover regulations set my market regulator SEBI. With the acquisition, Just Dial Founder VSS Mani will continue to lead the company as its managing director and chief executive officer (CEO). Out of the total 40.95 per cent acquired by the Reliance Industries' subsidiary, it has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 percent post preferential share capital at a price per share of Rs 1,022.25.