Reliance retail acquires controlling stakes in Justdial for Rs 3,497 cr
Reliance retail acquires controlling stakes in JustDial for Rs 3,497 cr
Reliance retail ventures limited has announced the acquisition of a controlling stake in Justdial limited for a total amount of Rs 3,497 crore. VSS Mani, however, will continue to lead Justdial Limited as managing director & Chief Executive Officer.
According to the executed definitive agreements worked out between Reliance Retail Ventures Limited (RRVL), Justdial Limited (Justdial) and VSS Mani & others, preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) was a price per share of Rs 1,022.25, acquisition of 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62% post preferential share capital) at a price per share of Rs 1,020.00, shareholders agreement governing certain inter se rights and obligations between the parties.
The RRVL would make a Public Announcement to the public shareholders of Justdial to acquire up to 2.17 crore equity shares of Justdial representing 26.00% in accordance with SEBI Takeover Regulations.
