Private Equity Fund Investments
Reliance Retail buys controlling stake in JustDial for Rs.3,497-Cr
Publicly listed Reliance Industries Ltd, via Reliance Retail Ventures Ltd (RRVL), is to acquire a controlling stake in fellow Mumbai-based, publicly listed search engine platform JustDial for INR 3,497 crore. RRVL will initially acquire a 25.33% stake in JustDial through a preferential allotment at INR 1,022.25 per share and another 15.62% from the target company's founder VSS Mani (at INR 1,020 per share(. RRVL will also make an open offer for an additional 26% stake in line with Sebi norms. Mani will continue as MD and CEO of JustDial, post deal. Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, Shardul Amarchand Mangaldas and Khaitan & Co as legal advisors and Deloitte as accounting and tax advisors to RRVL. Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst & Young provided tax advisory and diligence services to JustDial and its promoters.
From the Venture Intelligence PE-VC Deal Database: Between Oct-06 and Oct-16, JustDial raised over $120-M from Elevation Capital, Sapphire Ventures, Sequoia Capital India and Tiger Global. The company went public in June 2013, as part and post which, some of the investors had made some partial and complete exits. (Subscribers to the database can login to view the exit multiples as quell as valuation, deal structuring and other transaction details for the investments.)
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