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Reliance Retail acquires Just Dial for Rs 3,400 crore
Reliance Retail acquires Just Dial for Rs 3,400 crore
Reliance Retail Ventures Limited (RRVL) has announced the acquisition of controlling stake in Just Dial Limited for a total consideration of Rs 3,497 crore
Hyderabad: Reliance Retail Ventures Limited (RRVL) has announced the acquisition of controlling stake in Just Dial Limited for a total consideration of Rs 3,497 crore. Reliance retail ventures limited will hold 40.95 per cent shares and would make an announcement about acquiring up to 2.17 crore equity shares of Just Dial representing 26 per cent in accordance with SEBI takeover regulations.
VSS Mani to continue to lead Just Dial limited as MD & CEO.
The capital infused by the Reliance arm will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services. These investments will leverage Just Dial's existing customer base.
Isha Ambani, Director of RRVL, said, "Reliance is excited to partner with Just Dial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward."
VSS Mani, Founder and CEO at Just Dial, said, "Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers. Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realise this vision and transform the business going forward."
Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, Shardul Amarchand Mangaldas and Khaitan & Co as legal advisors and Deloitte as accounting and tax advisors to RRVL.
Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst & Young provided tax advisory and diligence services to Just Dial and its promoters.
