Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, has acquired a controlling stake in Just Dial Limited for a total consideration of approx. INR 5,720 crore.
Reliance Retail will hold a 40.95 per cent stake and would make an open offer to acquire up to 26 per cent in accordance with takeover regulations.
Shardul Amarchand Mangaldas & Co. advised RRVL in its acquisition.
The transaction team consisted of Partners Puja Sondhi, Nivedita Tiwari and Devesh Pandey with Principal Associate Akshaya Iyer, Senior Associates Pooja Thomas, Axay Satagopan, and Kartik Monga.
The Competition law Team was led by Partners Shweta Shroff Chopra and Harman Singh Sandhu.
The due diligence team comprised of Partners Puja Sondhi, Nivedita Tiwari and Devesh Pandey with Principal Associate Roma Das, Senior Associates Axay Satagopan and Pooja Thomas and Associate Harjas Singh.
RRVL was also assisted by specialist teams which included:
Data Privacy: Partner Shahana Chatterji and Senior Associate Raktima Roy
Banking & Finance: Partner Shubhangi Garg and Senior Associate Himanshu Malhotra
IP: Partner JV Abhay
Litigation: Partner Anuj Berry, Senior Associate Shiv Johar and Associate Prateek Yadav
Khaitan & Co also acted as legal adviser to RRVL.
A team led by Executive Director Sudhir Bassi along with Partner Abhishek Dadoo, Principal Associates Gaurav Malhotra and Shashank Patil and Associate Jayantika Khanna advised on transaction documents.
Partner Arindam Ghosh offered assistance on mandatory tender offer related aspects.
Cyril Amarchand Mangaldas acted as the legal counsel to Just Dial.
The M&A Team was led by Partners L. Viswanathan, Nivedita Rao and Gautam Gandotra with support from Principal Associate Arnav Shah and Associate Ananya Pandit.
Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer and Deloitte as accounting and tax advisors to RRVL.
Goldman Sachs acted as financial advisor and Ernst & Young provided tax advisory and diligence services to Just Dial and its promoters.
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