Reliance Retail Ventures is set to purchase local search engine Just Dial for a cash deal amounting to Rs 5,710 crore.
As per this deal, Reliance will be obtaining around 40.95 per cent stake in Just Dial through subscription of preferential shares and acquiring the same from the company’s main promoter V S S Mani for about Rs 3,497 crore.
The conglomerate will also make an additional open offer to take over an added 26 per cent from the public shareholders of Just Dials for a reported sum of Rs 2,222 crore.
The non-promoter shareholders will be given an option to sell their shares to Reliance for around Rs 1,022 per piece.
If the open offer deal goes through, Reliance’s eventual stake in Just Dial will shoot up to 66.95 per cent, and it will thus hold sole control over the search engine.
Reliance will tap upon over 30 million listings of enterprises across app, voice and web platforms on Just Dial through this deal.
It will gain access to the extensive database held by the latter and also additionally augment the digital ecosystem for scores of Reliance’s partner merchants and micro, small and medium enterprises, The Times of India.