Reliance Retail completes acquisition of Just Dial

Reliance Retail Ventures (RRVL) has taken sole control of Just Dial with effect from 1 September 2021 and it now holds 40.98% in the local search engine.

RRVL is a subsidiary of Reliance Industries (RIL). On 20 July 2021, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial.

On 1 September 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1022.25 per equity share, representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL.

Just Dial founder V.S.S. Mani will continue to lead the business-to-business (B2B) search engine as its managing director and chief executive officer.

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 about 30.4 million listings and its existing consumer traffic of about 129.1 million quarterly unique users (as on 31 March 2021).

On the BSE, shares of RIL rose 0.84% to Rs 2,313 while shares of Just Dial rose 1.12% to Rs 992.10.

Just Dial is India's leading local search engine platform which provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text.

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