Reliance Retail Ventures Raises Just Dial Stake To 40.98%
Reliance Retail Ventures Ltd. has increased its stake in Just Dial Ltd. to 40.98% as part of its plan to take majority control in the local business listing and search company.
The retail unit of Mukesh Ambani-controlled Reliance Industries Ltd. acquired 25.35% via preferential shares at Rs 1,022.25 apiece on Sept. 1, according to an exchange filing.
On July 20, Reliance Retail Ventures had acquired 15.63% from promoter, VSS Mani at Rs 1,020 apiece.
The retailer wants buy an aggregate of 66.95% stake in Just Dial through a combination of transactions at Rs 5,719 crore, including an open offer for 26% from public shareholders.
Shares of Just Dial ended 2.4% higher on Thursday at Rs 981 apiece compared with a 0.9% rise in Nifty 50.