Reliance Retail to acquire 40.95% stake in Just Dial
Mumbai, Jul 18th, 2021: Reliance Retail Ventures Ltd (RRVL) will acquire a 40.95 percent stake in Just Dial for around $500 million to bolstering its digital services in India.
Reliance investment in Just Dial is part of the conglomerate’s digital bet. Over the past many quarters, Reliance has announced a number of investments in companies like Netmeds, Urban Ladder, and others.
RRVL the retail arm of Reliance Industries Ltd will also make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial (representing 26 percent share in the company), in accordance with Sebi Takeover Regulations, a regulatory filing said.
Just Dial founder VSS Mani will continue as Managing Director and Chief Executive Officer to lead the company through the next p...