Reliance Retail Ventures Limited has announced acquiring sole control of Just Dial Limited and now holds 40.98 percent in the Internet tech company providing local search for various services.

On September 1, 2021, pursuant to a preferential issue, Just Dial allotted to Reliance Retails 2.12 crore (21.2 million) equity shares of Rs. 10 each at a price of Rs. 1022.25 per equity share (including a premium of Rs. 1012.25 per equity share) representing 25.35 percent of the post preferential issue paid-up share capital of Just Dial, a statement said.

On July 16, 2021 Reliance Retail had issued a media statement saying it would be acquiring controlling stake in Just Dial in accordance with the Indian markets regulator SEBI regulations with effect from September 1, 2021.

On July 20, 2021, Reliance Retail 1.31 crore (13.1 million) equity shares of Rs. 10 each of Just Dial at a price of Rs. 1,020 per equity share from VSS Mani on the floor of the Mumbai stock exchange through the block window facility.

That acquisition represented 15.63 percent of the post-preferential issue paid-up equity share capital of Just Dial.

Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs. 157,629 crore ($21.6 billion) and net profit of Rs. 5,481 crore ($750 million) for the year ended March 31, 2021.

Reliance Retail claimed in a statement to be the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte’s Global Powers of Retailing 2021 index and is ranked 53^rdin the list of Top Global Retailers.

Just Dial is India’s leading local search engine platform, which provides search related services to users across India through multiple platforms such as website, apps, telephone and text.

Just Dial had 30.4 million listings.