Cyril Amarchand Mangaldas Advises Just Dial on Acquisition of Controlling Stake by Reliance Retail Ventures

The Transaction involves primary preferential allotment of 2.12 crore equity shares equivalent to 25.33 post preferential share capital to Reliance Retail. Under the open offer, Reliance Retail will acquire up to 2.17 crore equity shares of Just Dial equivalent to 26 post preferential share capital in the Just Dial.The Transaction was signed on July 16, 2021.

Cyril Amarchand Mangaldas acted as the legal counsel to Just Dial Limited (Just Dial) about the acquisition of a controlling stake by Reliance Retail Ventures Limited (Reliance Retail). The transaction involves a combination of a primary and secondary acquisition. Under the Transaction, RRVL has made an open offer to the public shareholders under the SEBI Takeover Regulations. The total value of the transaction, including the open offer, will be INR 5719 crores. The General Corporate Practice of Cyril Amarchand Mangaldas advised on the Transaction. The Public M&A Team was led by L.Viswanathan, Partner, Nivedita Rao, Partner; and Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate, and Ananya Pandit, Associate. The Transaction involves primary preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) to Reliance Retail. The secondary acquisition involves the acquisition of 1.31 crore equity shares by Reliance Retail, equivalent to 15.62% post preferential shared capital, from Mr. VSS Mani, who will continue as the Managing Director of Just Dial. Under the open offer, Reliance Retail will acquire up to 2.17 crore equity shares of Just Dial (equivalent to 26% post preferential share capital) in the Just Dial.

The Transaction was signed on July 16, 2021. About Cyril Amarchand Mangaldas India's Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015, and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas& Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 130 partners, and offices in India's key business centers at Mumbai, New Delhi, Bengaluru, and Ahmedabad. The Firm advises a large and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups, and governmental and regulatory bodies. The firm was recently named in '25 Most Innovative Companies of the Year' by CII. Also, received the "Law Firm of the Year" award at the Asian Legal Business (ALB) India Law Awards 2020 and the "Law Firm of the Year, India" at the Asialaw Regional Awards 2020. The firm was recognized as the "Most Innovative National Law Firm of the Year - India for 2020" at the IFLR Asia Awards and voted as the "Employer of Choice for 2020" from India, by the Asian Legal Business.