Promoter Reliance Retail Ventures plans to sell 2% stake in Just Dial through the open market by the end of this month in order to comply with regulatory requirements.
Promoter and promoter group entities together hold 76.98% stake in Just Dial. As per regulatory norms, the total promoter holding in a company must not exceed 75%.
Retail held 66.40% stake as of September 30.
“RRVL (Reliance Retail Ventures) intends to complete the sale of shares within a period of 8 trading days beginning December 21,” the company said in a release.
Source: Economic Times