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Reliance Retail Ventures, promoter of Just Dial, plans to sell 2 percent stake in the search and advisory firm through an open market transaction in order to comply with shareholding requirements.

According to a regulatory filing to the stock exchanges, Reliance Retail will be undertaking a sale of 16,86,119 equity shares, constituting a 2 percent stake in the company.

Reliance Retail intends to complete the sale of the shares within a period of 8 trading days beginning December 21.

The move is part of Reliance Retail's effort to comply with the requirements of 25 percent minimum public shareholding (MPS).

As of the September quarter, promoter and promoter group entities held 76.98 percent stake in Just Dial, of which Reliance Retail owning 66.4 percent stake, shareholding pattern with the BSE showed.

In 2021, Reliance Retail, a subsidiary of Reliance Industries, acquired the controlling stake in Just Dial for a total consideration of Rs 3,497 crore.

Just Dial is the country's leading local search engine platform which provides search-related services to users through multiple platforms such as website, apps, over the telephone and text.

The platform offers digital product catalogs to businesses and aims at digitalizing India’s businesses, especially MSMEs, across categories.

Shares of Just Dial are trading 2.3 percent lower at Rs 608.25.