Reliance Retail Ventures Ltd’s open offer for the shareholders of Just Dial to buy an additional 26 per cent stake in the company will commence on September 13 and close on September 24, according to a regulatory filing.
Earlier this month, RRVL had announced the acquisition of 40.95 per cent stake in Just Dial for Rs 3,497 crore and said it will make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial (representing 26 per cent share in the company).
“The acquirer (RRVL) is making this open offer to acquire from the public shareholders up to 2,17,36,894 equity shares, constituting 26 per cent of the emerging voting capital (offer size) at an offer price of Rs 1,022.25 per offer share (offer price)…,” a public notice said on Monday.
It said that this would aggregate to a total consideration of over Rs 2,222 crore (assuming full acceptance).
The agreement between RRVL, Just Dial Ltd, and VSS Mani and others, entail preferential allotment of 2.12 crore equity shares (equivalent to 25.33 per cent post preferential share capital) at Rs 1,022.25 per share, and acquisition of 1.31 crore equity shares by RRVL from VSS Mani (15.62 per cent post preferential share capital) at Rs 1,020 per share.
As per the tentative schedule, the last date for filing of the draft letter of offer with Sebi would be August 2, 2021 while the last date for public announcement for competing offer(s) would be August 17.
The cut-off date for upward revision of the offer price and/or offer size would September 8.
The tendering period is slated to commence from September 13 (offer opening date), and the date of closure of the tendering period has been fixed for September 24, as per the notice.
Shares of Just Dial closed marginally lower at Rs 964.75 apiece on the BSE.
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