What are the next steps, now that Just Dial shareholders have voted in favour of the stake sale to Reliance Retail?

Just Dial shareholders have approved the plan to issue shares worth Rs.2,165 crore via preferential allotment to Reliance Retail. Nearly 97.5% of those present and voting decisively voted in favour of the decision at the EGM. The deal, which was announced in July, is worth Rs.3,497 crore and will give Reliance Retail Ventures access to the massive database of Just Dial consisting of millions of merchants and allied users.

As the next step, after this preferential allotment, Reliance Retail Ventures will also buy out 1.31 crore shares from VSS Mani, the founder of Just Dial at a price of Rs.1,020 per share giving Reliance Retail effecting controlling stake of 40.95% in Just Dial. Simultaneously, Reliance Retail has also made a public announcement to shareholders of Just Dial, under SEBI Takeover Regulations, to buy 2.17 crore shares taking their stake to 66.95% overall.