Reliance Retail Will Sell 2% Stake In Just Dial To Achieve Minimum Public Shareholding
December 20, 2022: Reliance Retail Ventures intends to complete the share sale over a period of 8 trading days starting from December 21.
Reliance Retail, led by billionaire Mukesh Ambani, said in September last year that it had acquired full control of Just Dial after announcing a deal to buy a controlling stake. In July 2021 Rs. 3,497 crores.
A year after Reliance Retail announced in September 2021 that it had acquired full control of 25-year-old search and discovery firm Just Dial, the billionaire Mukesh Ambani-led company now wants to sell a 2 percent stake in the firm.
Just Dial’s promoter Reliance Retail Ventures intends to complete the sale of shares through the open market by the end of this month to comply with regulatory requirements.
“RRVL (Reliance Retail Ventures) intends to complete the share sale within a period of 8 trading days commencing December 21,” the company said in a release.
Reliance Retail will undertake sale of 16,86,119 equity shares of 2 per cent of the company’s total paid-up equity share capital through an open market sale to achieve the minimum public shareholding, Just Dial announced in a statement.
The search and discovery firm’s shareholding is such that its promoters and promoter group entities together hold 76.98 per cent stake in Just Dial.
Reliance, as of September 30, holds 66.40 per cent stake in the company. Regulatory norms mandate that the total promoter holding in the company should not exceed 75 percent.
Reliance Retail-Just Dial Deal
Reliance Retail, led by India’s second-richest billionaire Ambani, said last year that it had acquired full control of Just Dial from September 1. 3,497 crore in July 2021.
When the firm’s subsidiary Reliance Retail Ventures Ltd announced a deal to buy a controlling stake in Just Dial.
On July 20 last year, RRVL acquired Just Dial founder and chief executive VSS Mani in a block deal worth Rs. 1,020 per equity share acquired 1.31 crore equity shares of Just Dial of Rs 10 each.
Just Dial offers local search and e-commerce services through its website, mobile applications and telephone lines.
From local plumbers to hotel and housekeeping services inquiries can be made by simply dialing 8888888888.
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