RIL says unable to comment on speculation about Just Dial acquisition

Reliance Industries Limited (RIL) has said that it is unable to comment on media speculation about reports that RIL is in advanced talks to buy Just Dial for Rs 6,600 crore.

In a regulatory filing, RIL said, "We would like to clarify that we are unable to comment on the media speculation and rumors and it would be inappropriate on our part to do so."

RIL said the company evaluates various opportunities on an ongoing basis.

"Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," RIL said.

"We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges," RIL said.

The BSE had sought a clarification from RIL and Just Dial about reports that Mukesh Ambani's Reliance Industries Limited is in advanced talks to buy Just Dial for Rs 6,600 crore.

Just Dial is holding a meeting of the Board of Directors of the company on Friday to consider the proposal for fund raising.

It is expected that the Reliance acquisition will be announced on Friday.

The Just Dial Board of Directors will consider and evaluate the proposals for raising funds by way of issue of bonds, including debentures/non-convertible debt instruments/securities and/or any other instruments/equity shares/any other securities, including through preferential issue on a private placement basis, qualified institutions placement, rights issue or any other methods or combinations thereof.

Just Dial Limited is India's No. 1 local search engine that provides local search related services to users across India through multiple platforms such as website, mobile website, apps (Android, iOS, Windows), over the telephone and text (SMS).

It had a database of approximately 30.4 million listings as on March 31, 2021. It had 129.1 million quarterly unique users across web, mobile, app and voice platforms as on March 31, 2021.

Its users have contributed 121,244,161 reviews and ratings for various listings till date. Business owners have the option to list their business on Just Dial's database for free.