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Reliance retail buys Just Dial for ₹5,710cr
July 19, 2021
Reliance Retail Ventures, an arm of RIL, is buying Just Dial in a cash deal worth ₹5,710 crore, as India’s biggest and most profitable player enters the local search service space. The organization is acquiring the local search engine, which boasts in excess of 30 million listings of enterprises across web, application and voice platforms.
The acquisition is one of Reliance’s critical M&As, dwarfing its acquisition of online pharma retailer Netmeds and British toy creator Hamleys for over ₹620 crore each. Under the contours of the deals, Reliance is getting 40.95% in Just Dial by buying in to particular offers and purchasing shares from its primary advertiser V S Mani and his family for ₹3,497 crore.
Further, it will make an open offer to secure an extra 26% from Just Dial’s public shareholders involving about ₹2,222 crore. Reliance will make the open offer to Just Dial’s non-promoter shareholder at about ₹1,022 each.
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