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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Reliance Industries : Retail Ventures Limited announces acquisition of controlling stake in Just Dial Limited for a total consideration of Rs. 3,497 crores”

07/16/2021 | 10:47am EDT

July 16, 2021

BSE Limited

National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers,

Exchange Plaza, Plot No. C/1, G Block,

Dalal Street,

Bandra-Kurla Complex,

Mumbai 400 001

Bandra (East), Mumbai 400 051

Scrip Code: 500325 / 890147

Trading Symbol: RELIANCE / RELIANCEP1

Dear Sirs,

Sub: Media Release

Please find attached a media release by Reliance Retail Ventures Limited, a subsidiary of the Company, titled "RELIANCE RETAIL VENTURES LIMITED ANNOUNCES ACQUISITION

OF CONTROLLING STAKE IN JUST DIAL LIMITED FOR A TOTAL CONSIDERATION OF Rs. 3,497 CRORES".

This is for your information and dissemination on your website.

Thanking you,

Yours faithfully,

For Reliance Industries Limited

Savithri Parekh

Joint Company Secretary and Compliance Officer

Copy to:

Luxembourg Stock Exchange

Singapore Stock Exchange

35A boulevard Joseph II

2 Shenton Way,

L-1840 Luxembourg

#19- 00 SGX Centre 1,

Singapore 068804

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com

CIN- L17110MH1973PLC019786

MEDIA RELEASE

RELIANCE RETAIL VENTURES LIMITED ANNOUNCES ACQUISITION OF

CONTROLLING STAKE IN JUST DIAL LIMITED FOR A TOTAL CONSIDERATION

OF Rs 3,497 CRORES

RELIANCE RETAIL VENTURES LIMITED TO HOLD 40.95% AND WOULD MAKE AN

OPEN OFFER TO ACQUIRE UPTO 26.0% IN ACCORDANCE WITH TAKEOVER

REGULATIONS

VSS MANI TO CONTINUE TO LEAD JUST DIAL LIMITED AS MANAGING

DIRECTOR & CHIEF EXECUTIVE OFFICER

Mumbai, July 16, 2021: Reliance Retail Ventures Limited ("RRVL"), Just Dial Limited ("Just Dial") and VSS Mani & others, today executed definitive agreements which will entail:

  1. Preferential allotment of 2.12 crore equity shares (equivalent to 25.33% post preferential share capital) at price per share of Rs 1,022.25
  2. Acquisition of 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62% post preferential share capital) at a price per share of Rs 1,020.00.
  3. Shareholders agreement governing certain inter se rights and obligations between the parties

RRVL would make a Public Announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial representing 26.00% in accordance with SEBI Takeover Regulations.

VSS Mani shall continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth.

The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services. These investments will leverage Just Dial's existing database of ~30.4 million listings and its existing consumer traffic of ~ 129.1 million quarterly unique users (as on 31 Mar 2021).

Speaking on this transaction, Ms Isha Ambani, Director of RRVL, said "Reliance is excited to partner with Justdial and Mr. VSS Mani, a first-generationentrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward."

Reliance Retail Ventures Limited

CIN: U51909MH2006PLC166166 Phone: +91 22 35553800

Registered Office: 4th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai-400 002, India

Mr. VSS Mani, Founder and CEO at Justdial, said "Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers. Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward."

The transaction is subject to shareholder and other customary closing conditions and approvals.

Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, Shardul Amarchand Mangaldas and Khaitan & Co as legal advisors and Deloitte as accounting and tax advisors to RRVL.

Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst & Young provided tax advisory and diligence services to Just Dial and its promoters.

About Reliance Retail Ventures Limited:

Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of ₹ 157,629 crore ($ 21.6 billion) and net profit of ₹ 5,481 crore ($ 750 million) for the year ended March 31, 2021.

Reliance Retail is the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte's Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100.

About Just Dial:

Just Dial is India's leading local search engine platform which provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text. Just Dial had ~30.4 million listings and 129.1 million quarterly unique users across web, mobile, App and voice platforms as of 31-Mar-2021. The Company has recently launched its B2B marketplace platform, JD Mart which is aimed at enabling millions of India's manufacturers, distributors, wholesalers, retailers to become internet ready in post- COVID era, get new customers and sell their products online. The platform offers digital product catalogues to businesses and aims at digitalizing India's businesses, especially MSMEs, across categories.

Key Contacts:

Just Dial: Manan Udani; investors@justdial.com, manan.udani@justdial.com

Reliance Retail: Manish Bhatia; manish.b.bhatia@ril.com

Reliance Retail Ventures Limited

CIN: U51909MH2006PLC166166 Phone: +91 22 35553800

Registered Office: 4th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai-400 002, India

Disclaimer

Reliance Industries Ltd. published this content on 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 14:46:08 UTC.


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Mean consensus OUTPERFORM
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Last Close Price 2 404,70 INR
Average target price 2 253,17 INR
Spread / Average Target -6,30%
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Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
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