RRVL solely acquires 1.31 crore equity shares of Just Dial for Rs 1,020 per equity share

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Mumbai: The Reliance Industries’ subsidiary currently holds 40.98 percent of the company as of September 1 while Reliance Retail Ventures Ltd (RRVL) has recently taken the sole hold of Just Dial Ltd.

On July 20, the RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial for Rs 1,020 per equity share from V.S.S. Mani on the floor of the stock exchange through the block window facility.

The acquisition represents 15.63 percent of the post-preferential issue paid-up equity share capital of Just Dial.

On September 1, 2021, Just Dial, under the preferential issue, allotted 2.12 crore equity shares of Rs 10 each for Rs 1,022.25 per equity share (including a premium of Rs 1,012.25 per equity share representing 25.35 percent of the post-preferential issue paid-up share capital of Just Dial to the RRVL.

Just Dial is a leading local search engine platform that provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text. Just Dial had 30.4 million listings and 129.1 million quarterly unique users across the web, mobile, App, and voice platforms as of March 31, 2021.

The company has recently launched its B2B marketplace platform, JD Mart which is aimed at enabling millions of India’s manufacturers, distributors, wholesalers, retailers to become internet-ready in the post-Covid era, get new customers, and sell their products online.

The platform offers digital product catalogs to businesses and aims at digitalizing India’s businesses, especially MSMEs, across categories.