Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, on Friday announced the acquisition of 40.95% stake in Just Dial for Rs 3,497 crore.
It will make an open offer to acquire additional up to 2.17 crore equity shares of Just Dial, representing 26% stake, in accordance with SEBI Takeover Regulations, a regulatory filing said. VSS Mani will continue as MD and CEO of Just Dial through the next phase of growth, it added.
The capital infused will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform.