RIL-led Reliance Retail to commence open offer for Just Dial's shareholders on Sept 13

Earlier this month, RIL had announced that RRVL would make a Public Announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial representing 26.00% following SEBI Takeover Regulations.

Jul 28, 2021 05:07 IST India Infoline News Service

Reliance Industries (RIL) retail arm, Reliance Retail Ventures is set to launch an open offer for the shareholders of Just Dial to acquire an additional 26% stake in the company. The open offer is said to commence on September 13.

Earlier this month, RIL had announced that RRVL would make a Public Announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial representing 26.00% following SEBI Takeover Regulations.

According to a PTI report, a public notice said that the tendering period is slated to commence from September 13 (offer opening date), and the date of closure of the tendering period has been fixed for September 24.

RRVL and Just Dial deal involve:

1. Preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) at price per share of Rs1,022.25.

2. Acquisition of 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62% post preferential share capital) at a price per share of Rs 1,020.

3. Shareholders agreement governing certain inter se rights and obligations between the parties.

The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services. These investments will leverage Just Dial’s existing database of ~30.4 million listings and its existing consumer traffic of ~ 129.1 million quarterly unique users (as on 31 Mar 2021).

On Sensex, RIL finished at Rs2036.85 per piece down by 0.9%. 

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