Blue Dart promoter to prune stake, may fetch over Rs 245 crore

Written by Press Trust of India | New Delhi | Updated: Nov 22 2012, 09:37am hrs
Logistics service provider Blue Dart Express on Wednesday said its promoter plans to dilute 6.03% stake, a move which may fetch DHL Express (Singapore) in excess of R245 crore at current price.

In a notice of offer for sale, Blue Dart Express said the sale of 14,31,937 shares would take place on separate windows of both BSE and NSE on November 23.

Blue Dart's shares on Wednesday closed at R1,713.85 apiece, up 2.02% at the BSE over the previous closing.

"The seller shall declare the floor price for the sale on November 22 after closure of the trading hours of the stock exchanges," it said.

DHL Express (Singapore), as on end of September, had 81.03% stake in Blue Dart Express. Regulator Sebi has earlier this year made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June next year so that a minimum 25% public shareholding can be maintained in listed private companies.

Blue Dart said a minimum of 25% of the offer will be reserved for allocation to insurance companies and mutual funds. "No single bidder other than mutual funds and insurance companies shall be allocated more than 25% of the size of the sale," the document said.