Just Dial’s board on Friday approved a preferred issue of 21.2 million shares at Rs 1.022.25 for Reliance Retail for a total of Rs 21.6 billion in cash, according to a stock exchange report. The purchase price represents a 4.7% discount on the company’s last closing price of Rs 1,072.70 per share, according to data collected by Bloomberg. Further, Reliance Retail will acquire 13.1 million shares from Mani at a price of Rs 1,020 and will also make an open offer to investors under existing laws.
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