Existing promoters of Just Dial will retain a 10.6% stake in the company. According to Bloomberg, VSS Money, the company’s MD, will remain in this position for the next five years. Mukesh Ambani’s Reliance Industries Ltd acquires Just Dial Ltd and Reliance is reportedly buying a majority stake in Just Dial in a deal worth Rs 5,719 crore. Reliance Just Dial accounts for 25.35% through preferential allotment, 26% through open offer and 15.62% through secondary purchase from promoters. Overall, Reliance Retail Ventures Ltd, a subsidiary of Reliance will acquire a 66.95% stake in Just Dial.
Existing promoters will retain a 10.6% stake in the company and according to Bloomberg, VSS Money, the company’s MD, will remain in this position for the next five years. According to the March filing, Just Dial has 13 crore unique users in the app and voice services.
At the same time, the company has reported a 5.8% decline in operating profit in the last financial quarter. Launched in 1994, Mumbai-based Just Dial offers a wide range of services through a single phone call. At the same time, they have recently launched online e-commerce services such as JD Mart.