Mukesh Ambani is going to do another shopping, will dial 8888888888

Mumbai: Mukesh Ambani-led Reliance Industries (RIL) is in talks to buy a majority stake in Justdial for over Rs 6500 crore. This is a move that will give RIL access to the 25-year-old listing company’s merchant database and increase its presence in the local commerce and payments segment.

Shares of Justdial touched its 52-week high of Rs 1138 on Wednesday and closed 2.5% higher at Rs 1,107 on Thursday ahead of the proposed board meeting on Friday, valuing the company on acquisition talks by RIL at Rs 6893.6 crore. was. This news came after reports that Justdial is in talks with Tata Sons about a stake in Tata Digital’s SuperApp.

The company’s board meeting will be held on Friday
The company’s board will meet on Friday to consider and evaluate the fund-raising proposals, which may include Reliance’s proposal for a buyout. Once the board’s proposal is approved, it is likely to be announced after the meeting.

With 150 million average unique visitors quarterly, Justdial is the market leader in the local search engine segment. The company works on mobile, app, website and a phone hotline with the number 8888888888.

Responding to clarification sought by the exchange, Just Dial said, “We do not comment on media speculation, and whenever any proposal is considered by the Board that warrants disclosure, the Company shall comply with SEBI regulations.” We have made and will continue to make the necessary disclosures in compliance with our obligations under SEBI Listing Regulations and our agreements with the stock exchanges.”

RIL wants to acquire additional stake
Managing Director VSS Mani and his family hold 35.5 per cent stake in the company, whose current value is Rs 2435 crore. RIL may announce an open offer to acquire an additional 26% stake in the company, paying over Rs 4000 crore after acquiring the majority stake of the promoter. However, VSS Mani and family are likely to retain a minority stake in the company.

Justdial reported a profit of Rs 214.19 crore on revenue of Rs 675.18 crore in FY21. An e-mail sent to RIL seeking a reply on the deal could not be elicited till the time of writing. Analysts believe Justdial will be a strategic fit for the retail arm of Reliance due to its vast database of India’s oldest information search.

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