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ICICI Direct Report
Reliance Retail Ventures Ltd. has announced acquisition of controlling stake in Just Dial Ltd. for a total consideration of Rs 3,497 crore.
Reliance Retail will hold 40.95% stake in the company and make an open offer of 26% stake.
Reliance Retail will get 25.33% stake in the company via preferential allotment of 2.12 crore shares at a price of Rs 1,022.25 per share.
The capital infused by Reliance Ventures will help Just Dial to improve its JD Mart's content, help in developing end to end capability (by building tech, logistics, payments, etc.), leadership team to monetise and develop better content.
Apart from JD Mart, Just Dial's focus also includes its JD business-to-consumer app and JD Omni.
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