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Reliance Retail acquires majority stake in Just Dial for ₹3,497 crore

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Reliance Retail acquires majority stake in Just Dial for ₹3,497 crore

The country’s largest retail player, Reliance Retail, is moving to strengthen its online presence by acquiring a controlling stake in local business search company Just Dial. Reliance Retail will initially acquire 25.33 per cent stake through preferential shares.

It will buy another 15.62 per cent from Just Dial founder VSS Mani. This will give the Mukesh Ambani company 40.95 per cent stake for ₹3,497 crore. Reliance Retail will then make an open offer to Just Dial’s public shareholders to acquire up to 2.17 crore equity shares representing 26 per cent, in accordance with SEBI Takeover Regulations. While the preferential allotment of 2.12 crore equity shares will be at ₹1,022.25 apiece, the 1.31 crore equity share buy from Mani will be at ₹1,020. Just Dial’s shares closed at ₹1,073 on Friday on the Bombay Stock Exchange.

Reliance Retail will leverage Just Dial’s database of 30.4 million listings and its consumer traffic of 129.1 million quarterly unique users, said a press statement. Isha Ambani, Director, Reliance Retail Ventures Ltd, said: “The investment underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.”

News Source : Live Mint

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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