Reliance Retail acquires sole control of Just Dial

Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it acquired the sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures had in July announced a deal to buy a controlling stake in Just Dial for ~3,497 crore. "RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021." On July 20, 2021, RRVL acquired 13.1 million equity shares of ~10 each of Just Dial at a price of ~1,020 per equity share from VSS Mani, founder and chief executive of Just Dial, in a block deal. "The acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial," the statement said.