Just Dial board allots 2.11 cr shares to Reliance Industries retail arm RRVL; stock jumps 4% - check details here

Local search engine platform Just Dial on Thursday announced an allotment of 2.1 crore shares to Reliance Industries retail arm Reliance Retail Ventures Limited (RRVL). The shares of Just Dial on Thursday jumped around 4 per cent to Rs 995 per share on the BSE intraday trade.

Just Dial in a filing to exchanges on Thursday said, “The Allotment Committee of the Board of Directors approved the allotment of 2,11,77,636 equity shares of face value of Rs 10 each fully paid up in dematerialised form by way of preferential allotment on a private placement basis for cash consideration to Reliance Retail Ventures Limited at a price of Rs 1,022.25 per equity share aggregating to over Rs 2,164 crores.”

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“Post such Preferential Allotment, RRVL holds 40.98 per cent of the total paid-up equity share capital of the company,” Just Dial further said in a filing to exchanges.

“The recent allotment includes 1,30,61,163 equity shares acquired pursuant to the Share Purchase Agreement dated July 16, 2021, entered into between Mr. Venkatachatam Sthanu Subramani ("Promoter Sellef), Mrs. Anita Mani ("the Confirming Party") and RRVL,” the company also said.

It further added, “The consequent to the above allotment, the issued, subscribed and paid-up share capital of the company stands increased to Rs 83,54,56,310 comprising of 8,35,45,631 equity shares of face value of Rs 10.”

Earlier on August 13, 2021, Just Dial in a filing had informed exchanges about RRVL picking up minority stake in the company. Reliance Industries retail arm had announced to pick minority stake around 41 per cent in the company.

The stock at around 01:30 pm is trading 3 per cent to Rs 987 per share on the BSE as compared to 0.6 per cent rise in the S&P BSE Sensex on Thursday. While Reliance Industries shares jumped 1 per cent to Rs 2292 per share on the BSE intraday trade.