Mukesh Ambani will buy a stake in JustDial for Rs 3497 crore

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Reliance will have to obtain regulatory approvals to acquire this stake

MUMBAI: Leading Indian businessman Mukesh Ambani has announced plans to acquire a stake in JustDial. Mukesh Ambani will buy 2.18 crore (2,11,8,8) equity shares of JustDial through Reliance Retail Ventures Ltd and the price per equity price for the deal has been fixed at Rs 102.5. Thus, Reliance will buy a total of 7.5 per cent stake in JustDial for Rs 3 crore. JustDial will issue 20.5 per cent stake to Reliance on preferential allotment basis. Reliance will have to obtain the relevant regulatory approvals to acquire this stake in JustDial.

As per the information released by the company, Reliance Retail Ventures will have a 20.5 per cent stake and will bring open offers for acquisitions up to a further 5 per cent as per the takeover regulation. Reliance will acquire a total of 2.18 crore equity shares of JustDial, of which 1.31 crore equity shares will be purchased from VSS Mani at a price of Rs 1,050 per share. With this, VSS Mani will remain as the Managing Director and Chief Executive Officer of JustDial. VSS Mani, the managing director of JustDial, and his family have a 7.5 per cent stake in the company, which is currently valued at Rs 4.5 crore.

The acquisition of a stake by Reliance Retail will go a long way in furthering and expanding JustDial, the company said in a regulatory filing. With the investment made by Reliance, JustDial will expand on its platform and increase transactions in millions of products and services. The investment will benefit Reliance from Just Dial's existing 2.02 lakh listing database and its existing 12.51 crore quarterly unit user traffic.

Notably, JustDial is an 8-year-old information search and listing company. The company has a nationwide network. The deal will give Reliance Retail the benefit of Just Dial's merchant database.

So Reliance has become the largest organized retailer in the country. On the other hand, Just Dial is the market leader in the local search engine segment.

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