Reliance Industries owns 85% stake in Reliance Retail. As part of the deal, Reliance Retail would make an open offer to acquire up to 26% stake in Just Dial for about ₹1022 per share. Depending on the subscription of the open offer, Reliance Retail would end up owning about 41-67% of Just Dial after the transaction is completed. Further, Just Dial would be able to drive growth and expansion with the capital infused by Reliance Retail. As far as the contours of the deal go, Reliance Retail would acquire 25.3% stake in Just Dial through a preferential allotment and another 15.6% stake from VSS Mani.

Source: Mint July 19, 2021 06:11 UTC