Local search and listings platform Just Dial Ltd., which prides itself in being a one-step solution for finding contacts on the internet (ranging between guesthouse to on-demand electricians), has just struck up a deal with industry giant Reliance Industries Ltd., wherein the latter will be acquiring majority stakes in the company for ₹3,497 crore.

The deal has been made with the Mukesh Ambani-owned Reliance Retail Ventures Ltd., which will be acquiring 25.35% of Just Dial’s stakes through a preferential allotment of some 2.11 crore (21.1 million) shares, each of which has been valued at ₹1,022.25, taking the total price to around ₹2164.9 crore. An exchange filing has been made for the same, which reveals that the preferential allotment will be done at a discount of 49% as compared to the closing price on Friday, which stood at ₹1,073 apiece.

Overall, the company has acquired nearly 41% stake in Just Dial for $469Mn.

Now, this will be followed by an open offer for an additional 26% in terms of public shareholding, as well as an acquisition of 1.31 crore shares directly from the promoters, which will be sold at ₹1,020 apiece.

Eventually, the deal overall will see Reliance agree to gaining a 66.95% stake in Just Dial, by combining all three of the above-mentioned transactions.

The remaining shares will be distributed among the existing promoters, who (for now anyway) will continue to hold 10% of the stakes. Moreover, Managing Director VSS Mani, too, will continue to serve his post at the firm for the next five years.

With 13 crore million users per quarter, Just Dial boasts of having as many as 30 million listings on its platform under the numerous categories that it has dealings in.

Isha Ambani, the Director at Reliance Retail Ventures, expressed her optimism over the deal, saying, “The investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.” She added, “We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward.”

This merger could provide a significant boost to Just Dial’s overall business, which had taken a moderate blow in the last quarter that ended on June 30th. The firm’s operations revenue fell to ₹165.4 crore, seeing a decline of 5.8%, along with a reported loss of ₹3.82 crore.