Reliance Retail buys Just Dial
By Retail4Growth Team | July 19, 2021
The Rs 5710 crore deal will help Reliance get access to Just Dial’s massive database, including millions of merchants, micro, small and medium enterprises.
Reliance Retail Ventures, an arm of RIL, is reportedly buying Just Dial in a cash deal worth Rs 5,710 crore. Just Dial, the local search engine, boasts more than 30 million listings of enterprises across web, app and voice platforms.The acquisition is considered one of Reliance’s biggest M&As, bigger than the company’s purchase of online pharma retailer Netmeds and British toy maker Hamleys for over Rs 620 crore each.
The capital infused by Reliance Retail will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform, the company reportedly said in a regulatory filing. Under the deal, Reliance is acquiring 40.95% stake in Just Dial by subscribing to preferential shares and buying shares from its main promoter VSS Mani, and his family for Rs 3,497 crore. Further, it will make an open offer to acquire an additional 26% from Just Dial’s public shareholders entailing about Rs 2,222 crore. Reliance will make the open offer to Just Dial’s non-promoter shareholders at about Rs 1,022 apiece.
The deal is seen as help Reliance get access to Just Dial’s massive database,including millions of merchants, micro, small and medium enterprises