Tiger Global exits Just Dial, sells stakes for over Rs 430 cr

NEW DELHI: Private equity giant Tiger Global exited its investment in local search engine Just Dial for over Rs 430 crore through an open market transaction.

The stock plunged as much as 2.07 per cent in intraday trade on Thursday.

According to a BSE filing, Tiger Global Four JD Holdings and Tiger Global Five Indian Holdings sold 37.89 lakh shares, representing 5.37 per cent of Just Dial.

The shares were offloaded on May 19 based on the closing price of Rs 1,138.65 and the transaction is estimated to have been valued at Rs 431.49 crore.

On March 30, Tiger Global had offloaded 3.41 per cent in Just Dial for over Rs 300 crore through an open market transaction.

According to BSE data, as of quarter ended March 31, 2015, Tiger Global Four JD Holdings and Tiger Global Five Indian Holdings held 6.96 per cent and 4.32 per cent stake, respectively, in Just Dial.

Founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand.