For Rs 101 crore, Reliance Retail Ventures sells a 2% interest in Just Dial.
New Delhi: Just Dial‘s promoter Reliance Retail Ventures on Wednesday sold 2 per cent stake in the company for Rs 101 crore in order to comply with the minimum public shareholding norms.
According to the bulk deal data available with stock exchanges, Reliance Retail Ventures, a subsidiary of Reliance Industries, offloaded a total of 16,86,119 shares, amounting to 2 per cent stake in Just Dial.
The shares were sold at an average price of Rs 600 apiece, taking the transaction value to Rs 101.16 crore.
The shareholding of promoter and promoter group entities in Just Dial, which offers online directory for local contacts, has come down to 74.98 per cent from 76.98 per cent.
On Monday, Just Dial said that Reliance Retail will sell 2 per cent stake in the company through open market transactions to comply with the regulatory requirement of 25 per cent minimum public shareholding.
