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Reliance Retail Ventures Raises Just Dial Stake To 40.98%

Reliance Retail Ventures plans to take majority control in Just Dial.

Just Dial signage at company’s offices in Mumbai. (Photographer: Shruti Menon/BloombergQuint)
Just Dial signage at company’s offices in Mumbai. (Photographer: Shruti Menon/BloombergQuint)

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.