Closing Bell
Indiaâs stock benchmarks declined for a second day, with HDFC Bank Ltd. leading losses after the lenderâs quarterly results missed analyst estimates as it set aside more funds for bad loans.
The S&P BSE Sensex shed 1.10% to 52,553.40, and NSE Nifty 50 Index lost by a similar magnitude to 15,752.40. HDFC Bank Ltd. contributed the most to the index decline and had the largest move, decreasing 3.4%.
The broader markets fared better than their larger peers. The S&P BSE MidCap shed 0.58% while the S&P BSE SmallCap declined by 0.31%. Fifteen of the 19 sectoral indices declined with S&P BSE BANKEX index declining nearly 1.8%. Only three sectoral indices gained with S&P BSE Realty index gaining 0.23%.
Shares tumble amid weak global signals
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Sensex slumps 587 pts, Nifty below 15,800; HDFC twins drag
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Reliance Retail buys Just Dial for Rs 5,710 crore
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Reliance Retail buys Just Dial for Rs 5,710 crore
Reeba Zachariah / TNN / Jul 17, 2021, 06:26 IST
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MUMBAI: Reliance Retail Ventures, an arm of RIL, is buying Just Dial in a cash deal worth Rs 5,710 crore, as India’s largest and most profitable player enters the local search services space. The company is acquiring the local search engine, which boasts more than 30 million listings of enterprises across web, app and voice platforms.
The acquisition is one of Reliance’s significant M&As, dwarfing its purchase of online pharma retailer Netmeds and British toy maker Hamleys for over Rs 620 crore each. Under the contours of the deal, Reliance is acquiring 40.95% in Just Dial by subscribing to preferential shares and buying shares from its main promoter V S S Mani and his family for Rs 3,497 crore. Further, it will make an open offer to acquire an additional 26% from Just Dial’s public
Mumbai: Reliance Industries Ltd. will buy a controlling stake in local search engine and e-commerce marketplace, Just Dial Ltd., for as much as 57.2 billion rupees ($767 million) as Mukesh Ambani s conglomerate looks to bolster its digital offerings.
India s most valuable company plans to acquire 66.95% stake in Just Dial through its arm, Reliance Retail Ventures Ltd. It will use a combination of preferential allotment, a secondary purchase from founder V.S.S. Mani and an open offer for up to 26%. The first two will cost 35 billion rupees and the open offer as much as 22.2 billion rupees.
Just Dial s board Friday approved the preferential issue of 21.2 million shares at 1,022.25 rupees each to Reliance Retail for aggregate 21.6 billion rupees in cash. The purchase price represents a 4.7% discount to the company s last closing price of 1,072.70 rupees per share, data compiled by Bloomberg show. Further, Reliance Retail will acquire 13.1 million shares from Mani at a price of 1,020 r