Reliance Retail Buys Shares Worth Over Rs 1,332 Crore

Reliance Retail buys shares worth over Rs 1,332 crore in Just Dial.

Reliance Retail Ventures Limited on Tuesday bought shares worth over Rs 1,332 crore in Just Dial Limited through an open market deal.

Reliance Retail Ventures bought 1.3 crore shares at an average price of Rs 1,020 crore, as per the wholesale deal available with BSE. The shares were sold by Just Dial promoter Venkatachalam S Subramanyam.

The total value of the deal is Rs 1,332.23 crore. As of June 2021, Venkatachalam is the promoter of the company and held a 30.9 percent stake in the company.

Reliance Retail buys shares: Acquisition of Reliance Retail Ventures Ltd and Just Dial.

Significantly, Reliance Retail Ventures Limited, a branch of Reliance Industries Limited, recently announced the acquisition of Just Dial Limited.

The company will currently invest Rs 3,497 crore in Just Dial, which will take its stake to 40.95 percent. Later, its 26 percent stake will be bought through an open offer.

VSS Mani to continue as MD and CEO of Just Dial.

As of March 31 this year, Just Dial had 3.04 crore listings in its database. As of that date, 12.91 crore users were using the Just Dial platform.

At the same time, VSS Mani will continue to be the MD and CEO of Just Dial. The funds raised from RRVL will accelerate the development and expansion of Just Dial.

What Isha Ambani said on the investment deal.

On the investment deal, Isha Ambani, Director, RRVL said that Reliance Retail is happy to partner with first-generation entrepreneur VSS Mani, who has built a strong business with his business acumen.

Indian money is increasing in the Swiss Bank, it does not mean that it is black money.

The statement by Minister of State for Finance Pankaj Choudhary came on media reports linking the growth of Indian money in Swiss banks to black money.

He rubbished media reports, saying that the increase in the amount of money held by Indians in Switzerland does not at all mean that it is black money.

Responding to a question, he said that while it is true that there has been a huge increase in deposits by Indians in Swiss banks,

Some media reports have also said that there has been an increase in the money of Indians in Swiss banks. But there is no sign of it being black money.