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Deutsche Post DHL today said will bring down its stake in Blue Dart Express, held through its subsidiary DHL Express Singapore, to comply with minimum public shareholding requirements.
Deutsche Post DHL currently holds 81 percent in the Mumbai-based express logistic firm, a DHL Express India official said when contacted, but did not reveal when and how they will achieve the objective.
When contacted, a Blue Dart spokesperson refused to comment saying only DHL can talk on the matter.
Blue Dart scrip closed 3.31 percent down on BSE today at Rs 1,913.40.
Future collaboration between Blue Dart Express and Deutsche Post DHL will not be affected by this transaction and Deutsche Post DHL remains fully committed to the domestic market, said a statement from the German company.
The move comes in the wake of Sebi directive to have at least 25 percent of the promoter holding in all listed companies with the public by next June.
The 53-billion euros Deutsche Post DHL, which is a world leader in postal and logistics group, said the move is enable the domestic company to comply with the new minimum public shareholding norms, which demands listed companies to have at least 25 percent of their stake with the public by next June.
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