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.
