Reliance retail ventures restricted has introduced the acquisition of a controlling stake in Justdial restricted for a complete quantity of Rs 3,497 crore. VSS Mani, nevertheless, will proceed to guide Justdial Limited as managing director & Chief Executive Officer.
According to the executed definitive agreements labored out between Reliance Retail Ventures Limited (RRVL), Justdial Limited (Justdial) and VSS Mani & others, preferential allotment of two.12 crore fairness shares (equal to 25.33% publish preferential share capital) was a worth per share of Rs 1,022.25, acquisition of 1.31 crore fairness shares by RRVL from VSS Mani (equal to fifteen.62% publish preferential share capital) at a worth per share of Rs 1,020.00, shareholders settlement governing sure inter se rights and obligations between the events.
The RRVL would make a Public Announcement to the general public shareholders of Justdial to accumulate as much as 2.17 crore fairness shares of Justdial representing 26.00% in accordance with SEBI Takeover Regulations.
Speaking on this transaction, Isha Ambani, Director of RRVL, stated, “Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Justdial 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 Justdial as we further expand the business going forward.”
VSS Mani, Founder and CEO at Justdial, stated, “Nearly 25 years ago, we had the 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 the further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward.”
The transaction is topic to shareholder and different customary closing situations and approvals.