 "Just dial")
Sharpening its e-commerce play, Reliance Retail Ventures Ltd (RRVL) is acquiring a controlling stake in 25-year-old search engine platform Just Dial for Rs 5,719 crore.
RRVL will acquire 25.33 per cent in Just Dial through a preferential allotment at Rs 1,022.25 per share and take another 15.62 per cent from its founder VSS Mani at Rs 1,020 per share.
It will then make an open offer for 26 per cent in accordance with Securities and Exchange Board of India (Sebi) regulations for a consideration of Rs 2,222 crore. Mani will continue as managing director and chief executive of the company.
Collectively, the promoters
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