Just Dial’s promoter Reliance Retail Ventures reportedly has new plans to sell some stake in the company. As per a report, Reliance Retail Ventures plans to sell 2 per cent of its stake in Just Dial via open market.
According to a report in the Economic Times, the Promoter and promoter group entities, together, hold 76.98 per cent stake in Just Dial. The plan to sell some stake has been formulated so that the companies can comply with regulatory requirements. This is because the rules suggest that the total promoter holding in a company must not exceed 75 per cent.
“Reliance Retail Ventures intends to complete the sale of shares within a period of 8 trading days beginning December 21,” said RRVL in a press released. As per the ET report, Reliance Retail’s stake was at 66.40 per cent as of September 30.
Several companies of the group Reliance Industries Limited have been making headlines these days. From venturing into new businesses to selling stake in companies, the Reliance group has been making headlines for one after the other.
Out of all these announcements, the launch of 5G services in India by Reliance Jio has managed to garner must head turns as the company is among with first along with Bharti Airtel to do so. Recently, it even worked closely with mobile operators like Apple to ensure that all the customers get faster access to 5G services.
