Just over a year after Reliance Retail in September 2021 announced that it has acquired sole control of 25-year-old search and discovery firm Just Dial, the billionaire Mukesh Ambani-led company is now looking to sell 2 per cent stake in the firm.
Just Dial promoter Reliance Retail Ventures intends to complete the sale of shares through the open market by the end of this month so as to comply with regulatory requirements. “RRVL (Reliance Retail Ventures) intends to complete the sale of shares within a period of 8 trading days beginning December 21,” the company said in a release.
Reliance Retail shall be undertaking a sale of 16,86,119 equity shares constituting 2 per cent of the total paid-up equity share capital of the company through open market sale for achieving minimum public shareholding, Just Dial announced in a statement.
The search and discovery firm’s shareholding is such that its promoter and promoter group entities together own 76.98 per cent stake in Just Dial. Reliance, as of September 30, held 66.40 per cent stake in the company. Regulatory norms mandate that the total promoter holding in a company must not exceed 75 per cent.
Reliance Retail-Just Dial deal
India’s second richest billionaire Ambani-led Reliance Retail last year said it has acquired sole control of Just Dial with effect from September 1. The firm’s subsidiary Reliance Retail Ventures Ltd had in July 2021 announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore.
On July 20 last year, 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, founder and chief executive of Just Dial, in a block deal.
Just Dial offers local search and e-commerce services through its website, mobile apps and telephone line. From local plumbers to hotels and housekeeping services can be inquired about by just dialling 8888888888
