Just Dial advised by Cyril Amarchand Mangaldas on acquisition of controlling stake by Reliance Retail Ventures

Just Dial advised by Cyril Amarchand Mangaldas on acquisition of controlling stake by Reliance Retail Ventures

Cyril Amarchand Mangaldas advised Just Dial on acquisition of controlling stake by Reliance Retail Ventures in relation to the acquisition of controlling stake by Reliance Retail Ventures Limited (Reliance Retail).

A combination of a primary and secondary acquisition makes up a transaction. Post the SEBI Takeover Regulations, RRVL has made an open offer to the public shareholders. Including open offer, the total value of the transaction will be INR 5719 crores.

Cyril Amarchand Mangaldas' General Corporate Practice of Cyril Amarchand Mangaldas advised on the Transaction. The Public M&A Team was led by L.Viswanathan, Partner, Nivedita Rao, Partner; and Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate, and Ananya Pandit, Associate.

A primary preferential allotment of 2.12 crore equity shares (equivalent to 25.35% post preferential share capital) to Reliance Retail is part of the transaction.

An acquisition of 1.31 crore equity shares by Reliance Retail, equivalent to 15.62% post preferential shared capital from Mr VSS Mani, who will continue as the Managing Director of Just Dial is part of the secondary acquisition.

Reliance Retail will acquire up to 2.17 crore equity shares of Just Dial (equivalent to 26% post preferential share capital) in Just Dial under the open offer.

The Transaction was signed on July 16, 2021.

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