Just Dial in the hands of Mukhesh Ambani
Widening its e-commerce base, reliance Retail Ventures Ltd (RRVL) acquired a controlling stake in the leading search engine platform just dial for Rs 5,719 crore. The RRVL, a retail arm of Billionaire mukesh Ambani's reliance Industries Ltd, has completed an acquisition of 40.95 per cent for Rs 3,497 crore in Just dial. As per the agreements on July 16, RRVL will an offer to acquire up to 26 per cent in just dial for ₹ 2,222 crore according to takeover regulations of SEBI.
The reliance Retail will acquire 25.33 per cent through preferential allotment at ₹ 1,022.25 per share and another 15.62 per cent from Just dail founder VSS Mani at ₹ 1,020 per share and Mani will continue as managing director and CEO of Just dial. After this deal, the promoters of just dial will be left with 10.7 per cent on the expanded capital.
Director of RRVL, Isha Ambani, said " The investment in just dial is our commitment to New Commerce for further boosting the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital ecosystem of our patner merchants who stand in millions as small, micro and medium enterprises."
Through this deal business experts opine that reliance will gain access to Just Dial's huge database of MSMEs and integrate it with jio Mart to strenthen its e-commerce business. The infused RRVL capital will help just dial for its business expansion through comprehensive local listing.
RRVL is the largest retailer in india and is expanding its portfolio through acquisition. With this acquisition has leverage of the database of merchants and now it aims to grow three times in the next 3 to 5 years, adding a million jobs in the future.
The reliance Retail will acquire 25.33 per cent through preferential allotment at ₹ 1,022.25 per share and another 15.62 per cent from Just dail founder VSS Mani at ₹ 1,020 per share and Mani will continue as managing director and CEO of Just dial. After this deal, the promoters of just dial will be left with 10.7 per cent on the expanded capital.
Director of RRVL, Isha Ambani, said " The investment in just dial is our commitment to New Commerce for further boosting the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital ecosystem of our patner merchants who stand in millions as small, micro and medium enterprises."
Through this deal business experts opine that reliance will gain access to Just Dial's huge database of MSMEs and integrate it with jio Mart to strenthen its e-commerce business. The infused RRVL capital will help just dial for its business expansion through comprehensive local listing.
RRVL is the largest retailer in india and is expanding its portfolio through acquisition. With this acquisition has leverage of the database of merchants and now it aims to grow three times in the next 3 to 5 years, adding a million jobs in the future.