RIL arm to buy ₹3,497-cr. stake in Just Dial

RIL arm to buy ₹3,497-cr. stake in Just Dial

The Hindu

To make open offer for additional 26% stake as per norms

Reliance Retail Ventures Ltd., an arm of Reliance Industries Ltd., is set to acquire a 41% stake in search and database firm Just Dial Ltd. for ₹3,497 crore. Under the deal, Just Dial would make a preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post-preferential share capital) to RRVL at ₹1,022.25 a share and RRVL would acquire 1.31 crore equity shares (15.62%) from Just Dial MD V.S.S. Mani at ₹1,020 apiece. RRVL will also make an open offer to buy an additional 26% stake of Just Dial from public shareholders.
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