The shares of Just Dial dropped 2.32% on Tuesday’s deals to reach a 52-week low of ₹ 607.00 apiece on the National Stock Exchange (NSE). This happened amid reports that Reliance Retail Ventures (RRVL), its promoter, proposed to sell a 2% stake in the company via open market transactions.
The Mukesh Ambani-led company is the market leader in the local search engine segment in India. It provides search-related services to users in India, for the discovery of products and services.
Just Dial informed the exchanges that it had received a letter from RRVL stating that it intends to sell equity shares of the company in order to comply with the requirements of minimum public shareholding according to the Securities and Exchange Board of India’s (SEBI) regulations.
According to SEBI’s norms, promoters of listed entities, excluding PSU companies, holding more than 75% had to compulsorily sell their stake to comply with the 25% minimum public shareholding (MPS) requirement.
RRVL shall be undertaking the sale of 16,86,119 equity shares, constituting a 2% stake in the company and it intends to sell these shares within a period of 8 trading days beginning from December 21, 2022.
Just Dial, an internet and catalog retail company reported 58.6% YoY growth in net profit at ₹52.2 crores, while its revenue stood at ₹ 205.3 crores, up 31.6% YoY. Active paid campaigns stood at 503,840, up 17% YoY, whereas traffic (quarterly unique visitors) was at 156.5 million users.
Written by Simran Bafna
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