Reliance Retail Venture will buy 40.95 per cent stake through a preferential allotment of equity shares by Just Dial and acquisition of VSS Mani’s 15.62 per cent stake, as per the definitive agreement signed by both the companies.
Earlier this week, The Economic Times had reported that the Mukesh Ambani-owned conglomerate is exploring an acquisition of Just Dial t further boost its retail business in India.
Just Dial said that it will issue 2.12 crore shares on a preferential basis to Reliance Retail Venture at Rs. 1,022.25 per share, a 4.5 per cent discount to the stock’s closing price today. Further, Reliance Retail has bought out VSS Mani’s 15.62 per cent stake in the company at Rs. 1,020 per share.
Just Dial said that Reliance Retail Venture will make an open offer to further buy 26 per cent stake in the company. The company, however, did not disclose the offered price for the open offer.
VSS Mani shall continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth, Just Dial said.
