Approval of the board of directors of Just Dial Limited for raising capital

MUMBAI, India - Oct. 28, 2014 - PRLog -- We, Just Dial Limited, would like to issue the following clarification regarding the fund raising resolution passed by our board of directors.

Last year we had completed our IPO, which was a 100% offer for sale and no fresh issue of equity shares was undertaken by us. Accordingly, we had not raised any funds in the company through the IPO. Further, our business has continued to generate cash and our cash balance has grown since the IPO to approximately Rs. 740 crs (including investments) as of Sep 30th 2014.

Our board of directors has passed an enabling capital raising resolution to ensure that we are prepared in the event a suitable opportunity arises for us to pursue any strategic objectives. As of now we have not indentified any such suitable opportunity that would require us to raise capital and we do not intend to hoard cash. We intend to act upon this enabling resolution only if we identify a suitable opportunity for pursuing strategic initiatives that requires us to expend capital over and above the funds currently available with us.

About Just Dial Ltd

Just Dial Limited (the “Company”) provides local search related services to users in India through multiple platforms such as the internet, mobile internet, over the telephone (voice) and text (SMS).

The Company has also initiated its ‘Search Plus’ Services for the users.  These services are aimed at making several day-to-day tasks conveniently actionable and accessible to the users. With this step, Justdial is transitioning from being purely a provider of local search and related information to being an enabler of such transactions. Justdial intends to provide an online platform to thousands of SME’s to get them discovered and transacted.