Blue Dart to delist; DHL offers Rs 550 per share

MUMBAI: Domestic courier and logistics company, Blue Dart Express Ltd on Thursday said DHL Express (Singapore) Pte Ltd has offered to buy out its balance publicly held shares at a price of upto Rs 550 per share, following which the company's shares would be delisted.

The board of directors at its meeting on Thursday, has approved the proposal made by its promoter DHL Express to buy the outstanding publicly held shares of the company and delist its shares from the bourses, the company informed the Bombay Stock Exchange.

The company would seek the shareholders approval for delisting the shares of the company at the extra-ordinary general meeting to be held on September 20, it added.

The acquisition would be as per the guidelines wherein the shareholders may tender their shares to DHL Express and the exit price would be determined in accordance with the reverse book build process.

DHL Express, which holds 81.03 per cent stake in Blue Dart had proposed to offer upto Rs 550 each for the balance equity shares, pursuant to the SEBI delisting guidelines, following which the securities of Blue Dart would be delisted.

As on March 31, retail investors held 4.09 per cent, mutual funds and UTI held 11.18 per cent, SBI Mutual Fund held 4.89 per cent, while private corporate bodies held 2.27 per cent stake in Blue Dart Express.