Reliance Retail buys 40.95% stake in Justdial, deals for Rs 3,497 crore

Mumbai: Mukesh Ambani-led Reliance Retail has agreed to acquire 40.95% stake in India’s oldest information search firm Justdial from its promoter VSS Mani for Rs 3,497 crore and through preferential allotment.

The company said in the information given to the stock exchange that Reliance Retail Ventures (RRVL) will make an open offer to buy an additional 2.17 crore shares of Just Dial in accordance with the acquisition rules of market regulator SEBI. This is equivalent to a 26 percent stake.

Commenting on the deal, Isha Ambani, Director, RRVL said, “Reliance is excited to partner with Justdial and first generation entrepreneur Mr. VSS Mani, who has built a strong business through his business acumen and perseverance. Investing in Just Dial underscores our commitment to new commerce by further fostering the digital ecosystem for our millions of partner merchants, micro, small and medium enterprises. We look forward to working with Just Dial’s highly experienced management team Because we are going to expand the business further.”

VSS Mani will continue to lead Just Dial as Managing Director and Chief Executive Officer. The capital provided by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform.

Justdial, which operates on mobile, app, website and a phone hotline number 8888888888, reported a profit of Rs 214.19 crore on revenue of Rs 675.18 crore in FY21.

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