Vss mani, Chief Executive Officer of Justdial

Mumbai, July 16 Reliance Retail Ventures Limited (RRVL), Just Dial and VSS Mani and others on Friday executed definitive agreements which will entail preferential allotment of 2.12 crore equity shares, equivalent to 25.33 per cent post preferential share capital, at a price of Rs 1,022.25 per share.Post the agreements, RIL will acquire 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62 per cent post preferential share capital) at a price per share of Rs 1,020.RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent stake in accordance with takeover norms.RRVL would make a public announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial, representing 26 per cent in accordance with SEBI takeover regulations, RRVL said in a statement.VSS Mani shall continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth.The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services.These investments will leverage Just Dial's existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as on March 31, 2021).Speaking on the transaction, Isha Ambani, Director of RRVL, said: "Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward."Mani, Founder and CEO of Justdial, said: "Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers. Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward."The transaction is subject to shareholder and other customary closing conditions and approvals.Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, Shardul Amarchand Mangaldas and Khaitan & Co as legal advisors and Deloitte as accounting and tax advisors to RRVL.Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst & Young provided tax advisory and diligence services to Just Dial and its promoters.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :Reliance Retail to acquire controlling stake in Just Dial for Rs 3,497 cr

Mumbai, July 16 Reliance Retail Ventures Limited (RRVL), Just Dial and VSS Mani and others on Friday executed ... ...