Blue Dart promoter to prune 6% stake, may fetch over 245 cr

Logistics service provider Blue Dart Express today said its promoter plans to dilute 6.03 per cent stake, a move which may fetch DHL Express (Singapore) in excess of Rs 245 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. The sale process will start at 9.15 am and close on the same day at 3.30 pm.

Blue Dart's shares today closed at Rs 1,713.85 apiece, up 2.02 per cent 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, but not later than 5 pm, Indian Standard Time. Orders or bids below the floor price shall not be accepted and will not be considered for allocation," it said.

DHL Express (Singapore), as on end of September, had 81.03 per cent 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 per cent by June next year so that a minimum 25 per cent public shareholding can be maintained in listed private companies.

Blue Dart said a minimum of 25 per cent 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 per cent of the size of the sale," the document said.

Citigroup Global Markets India has been appointed as the seller's broker.