Mumbai: Reliance Retail, the retail wing of Mukesh Ambani-led Reliance Industries Limited, on Friday announced that it has acquired a stake of 40.95 percent for Rs 3,497 crore in leading internet technology B2B company Just Dial. As per latest updates, the Reliance retail will make an open offer to acquire up to 26 per cent in accordance with takeover regulations set by market regulator SEBI. This also says that Reliance Retail is likely to acquire a majority stake of 66.95 per cent in Just Dial.Also Read - Business Tycoons Mukesh Ambani, Gautam Adani in a New Face-off. Here's Why

However, the company said Just Dial Founder VSS Mani will continue to lead the company as its managing director and chief executive officer (CEO). Also Read - 'No Salary Cuts, Bonuses of Employees Amid Covid'. Here's What Nita Ambani Said at RIL AGM

The company said out of the total 40.95 per cent stake by the Reliance Industries’ subsidiary, it has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 percent post preferential share capital at a price per share of Rs 1,022.25. Also Read - Jio and Google Cloud To Work on 5G Technology. All You Need To Know

The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform.