MUMBAI: Private equity giant Tiger Global on Monday offloaded a 3.41% stake in local search engine Just Dial for over Rs 300 crore through an open market transaction.
According to bulk deal data available with the stock exchanges, Tiger Global sold a total of 24 lakh shares. The shares were offloaded at an average price of Rs 1,252 apiece, valuing the transaction at Rs 300.6 crore, the data showed. Tiger Global held 13.22% stake in the local search engine company at the end of December 31, 2014.
Meanwhile, another private equity firm Goldman Sachs has picked up 19,40,098 shares of Just Dial for nearly Rs 243 crore.
Founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand. In November last year, the RBI allowed the company to raise the foreign shareholding limit to a maximum of 75% of its paid-up capital under the portfolio investment scheme (PIS).Shares of Just Dial on Monday closed 0.8% up at Rs 1,320 on the BSE.
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