India's richest man Mukesh Ambani has dialled into local search platform Just Dial and is set to spend $700 million on the acquisition. Here are the details of Reliance Retail's big acquisition-:
- Just Dial to issue 2.12 crore shares to Reliance Retail Ventures (subsidiary of RIL) at Rs 1022.25/share (5% discount)
- Reliance Reliance Retail Ventures' stake at 25.04% after share issuance
- Aim to acquire 67% in total of the company via pref issue + open offer
- Reliance intends to spend Rs 5711 crore to purchase 67%
So what is What's Reliance Dialling Into? This is what you need to know about Just Dial.
- 25 year old , largest local search B2bplatform
- Database of 30.4 million listings
- 457,360 active paid campaigns
- Introduced JD Mart in Dec 2020
- 6 million listings on JD Mart
- Morgan Stanley: B2B app to re-rate company
Just Dial Founder VSS Mani would continue to lead the company as its managing director and chief executive officer.