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HomeMarketStocksPromoter Reliance Retail Ventures sells 2% stake in Just Dial via open...

Promoter Reliance Retail Ventures sells 2% stake in Just Dial via open market

Promoter Reliance Retail Ventures bought 2% stake in Just Dial via the open market on Wednesday. Retail bought 8,43,059 shares of at Rs 600.02 apiece on the BSE, and eight,43,060 shares at Rs 600 apiece on the NSE, bulk offers information confirmed.

Weighed down by the promoting, shares of Simply Dial ended almost 3% down at Rs 589.85 on the BSE. Earlier this week, Reliance Retail had knowledgeable exchanges that it deliberate to promote 2% stake in Simply Dial in an effort to adjust to regulatory necessities.

Promoter and promoter group entities collectively maintain 76.98% stake in Simply Dial. In response to regulatory norms, the full promoter holding in an organization should not exceed 75%. Reliance Retail held 66.40% stake as of September 30. It intends to finish the sale of the shares inside a interval of 8 buying and selling days starting right now.

Among the many listed subsidiaries of

, shares of Simply Dial have been one of many main laggards this yr. Yr-to-date, the inventory has fallen 28%, ending three consecutive years of constructive returns. Within the final three years, the inventory has seen sturdy double-digit features.

Simply Dial was acquired by Reliance Industries via its arm Reliance Retail Ventures in September 2021. The acquisition was aimed toward boosting Reliance Retail’s buyer site visitors. Simply Dial’s search engine offers varied companies to customers throughout India via a number of platforms akin to web sites, apps, over the phone, and even textual content messages.

(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Occasions)

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