Blue Dart Express’ 6.03 per cent stake sale issue today received resounding response from investors as it was subscribed 3.5 times at an average price of Rs 1,833.08 per share, garnering an estimated Rs 950 crore.

DHL Express (Singapore), the promoter of logistics services provider Blue Dart Express, has fixed the floor price at Rs 1,720 apiece for sale of its 6.03 per cent stake in the company.

Blue Dart Express received bids for 51,83,605 shares against 14,31,937 shares on offer, according to the data available with stock exchanges. The cumulative value of the bids stands at around Rs 950 crore.

In a notice of offer for sale, Blue Dart had earlier said it would allocate shares on a “price-priority” basis and not accept bids below the floor price.

Shares of the company, however, dipped by 3.09 per cent on the BSE to settle at Rs 1,993.15 apiece.

The offer for sale in Blue Dart, in which promoter DHL Express (Singapore) holds 81.03 per cent stake as on end of September, started in the 0915 hrs and closed at 1530 hrs in the bourses.

The promoter’s move to divest stake in the company is aimed at reducing stake to the maximum permissible limit of 75 per cent.

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 had said.

Citigroup Global Markets India acted as the seller’s broker for the issue.

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