A preferential allotment of 2,11,77,636 equity shares at Rs. 1,022.25 per share has been approved by Justdial’s board to Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries Ltd., according to a Bombay Stock Exchange filing on September 2. RRVL’s stake in Justdial now stands at 40.98 percent of the total number of equity shares, the regulatory filing added. With this investment, RRVL is a promoter in the company. What is a preferential allotment? A preferential issue is an issue of shares or convertible securities by listed or unlisted companies to a select group of investors, but it is neither a rights issue nor a public issue, as per an Economic Times article. This share allotment helps Reliance Retail which is working on integrating Justdial’s services into JioMart, its small business e-commerce platform, by developing a super app, according to…
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