Just Dial falls 5% as Reliance Retail Ventures acquires controlling stake

RRVL has announced the acquisition of a controlling stake or a 40.95 per cent holding in Just Dial for a total consideration of Rs 3,497 crore

Shares of Just Dial slipped 5 per cent to Rs 1,021 on the BSE in intra-day trade on Monday after Reliance Retail Ventures (RRVL) announced the acquisition of 40.95 per cent in the country’s leading local search engine company for a total consideration Rs 3,497 crore. RRVL made an open offer for a 26 per cent stake at Rs 1,022.25 per share.

RRVL will hold a 40.95 per cent stake via preferential allotment (25.33 per cent) and acquisition of stake from existing promoters (around 15.62 per cent). RRVL will get a 25.33 per cent stake in the company via preferential allotment