Reliance Talks To Buy Justdial For Rs 6600 Crore
Justdial has an average of 150 million unique visitors a quarter on its mobile, app, website and telephone hotline.
New Delhi. Mukesh Ambani, the owner of Reliance Industries, also wants to make his mark in the retail business. In this case, they can move towards the big deal. Discussions are going on to buy Reliance’s Justdial. This deal can be done for $ 80 to 90 million i.e. Rs 5,920 crore to Rs 6,660 crore.
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Board meeting on 16th July
According to a report, on July 16, Justdial has called a board meeting to discuss the proposals for raising funds. Justdial is a 25-year-old information search and listings company with a pan-India network.
Reliance will benefit
If this deal goes through, Reliance Retail will get a big advantage of Justdial’s merchant database. With this, the company is going to overshadow other companies in the field of local commerce and payments. Justdial is a major player in the market in the local search engine segment. Justdial has an average of 150 million unique visitors a quarter on its mobile, app, website and telephone hotline.
Family’s 35.5% share
Promoter VSS Mani and his family hold 35.5 per cent stake in the company. At present its price is up to Rs 2387.9 crore. Now Reliance is planning to buy a partial stake from Mani. An additional 26 per cent stake can be taken on an open offer. If all goes well, Reliance could have more than 60 per cent stake. Mani will continue the operations of the company as a junior partner.
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Reliance and Justdial shares jumped
Today the shares of Reliance Industries closed at the level of 2083.25, down 2.75 points (-0.13 per cent) on the BSE. Justdial’s stock has gained 52.4% in the past six months. Justdial’s stock closed at 1107.00, up 26.85 (+2.49 per cent).
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