Well, Mukesh Ambani-helmed Reliance Industries is on the verge of buying Justdial from its founding promoters for $800-900 million. Further, the deal will allow Reliance access to the 25-year-old listings company’s merchant database.
The company made a formal announcement which is expected on 16th July. Further, the listings company has called for a board meeting on the day as mentioned in a report in The Economic Times.
Further, Justdial has become the market leader in the local search engine segment with almost 150 million average quarterly unique visitors. However, the company operates across platforms like mobile, apps, websites, and telephone hotline with the number 8888888888.
Justdial Managing Director VSS Mani and family control 35.5% of the company that is currently valued at Rs 2,387.9 crore.
The Reliance plan is to purchase partially from Mani and put up an open offer for an additional 26 percent of the company’s equity. At current share prices, it could lead to a payout of Rs 4,102 crore. According to the daily, if the open offer is fully subscribed to then Reliance will own over 60 percent stake, and Mani will serve as a junior partner.