Just Dial declined 1.96% to Rs 610.15 after Reliance Retail Ventures (RRVL), company's promoter intended to sell equity shares of the company through open market for the purpose of complying with the requirements of minimum public shareholding.
As on 30 September 2022, the promoter and promoter group held 76.98% stake in Just Dial, of which RRVL held 66.40%. As per regulatory norms, the total promoter holding in a company must not exceed 75%.RRVL shall be undertaking a sale of 16,86,119 equity shares constituting 2% of the total paid-up equity share capital of the company. RRVL intends to complete this sale of shares within a period of eight trading days beginning 21 December 2022.
Just Dial provides local search related services to users in India through multiple platforms such as Desktop/ PC website, mobile site, mobile apps (Android & iOS), over the telephone and text (SMS).
The company's consolidated net profit rose 58.49% to Rs 52.16 crore on 31.59% increase in net sales to Rs 205.26 crore in Q2 FY23 over Q2 FY22.
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