On Thursday Just Dial announced that the company’s board has approved the allotment of 2.12 crore equity shares at ₹1,022.25 per share via preferential allotment on a private placement basis for cash consideration to Reliance Retail Ventures (RRVL).
In an exchange, filing Just Dial said, post such preferential allotment, Reliance Retail holds 40.98%- of the total paid-up equity share capital of the company.
Just Dial shareholders had approved plans to issue shares worth ₹2,165 crores through a preferential allotment to Reliance Retail in August. In July, the deal announced will see RRVL acquire a 66.95% stake in Just Dial Ltd for ₹3,497 crores, giving the retail arm of India’s most valuable company access to a database of millions of merchants and other users.
13.1 million equity shares will also be acquired by the RIL subsidiary from Just Dial’s founder Mani (equivalent to 15.62% post preferential share capital) at a price per share of ₹1,020. This would give a controlling stake of 40.95% to RRVL in Just Dial.
Reliance Retail will be classified as a promoter of Just Dial post the deal, it had said. The business-to-business (B2B) search engine as its managing director and the chief executive officer will continue to lead by Just Dial founder V.S.S. Mani.