DHL Express (Singapore) Pte Ltd, promoter of Blue Dart Express Ltd, plans to sell 6.03 per cent of its stake in the Indian outfit that would bring down its shareholding to 75 per cent and thus meeting the SEBI norm for minimum public shareholding in listed Indian companies.
The company said the floor price of the sale would be announced after market hours on Thursday. .
The shares of Blue Dart Express closed at Rs 1,712, up by Rs 37.05 in the NSE on Wednesday. On the BSE, the stock was up by Rs 33.90 to Rs 1,713.85 at the close.
The sale would take place on the separate window of the BSE and the NSE and would begin on November 23 (Friday) at 9.15 a.m. and close at 3.30 p.m. (normal market hours).
Allocation details
Giving details about allocation, the company said that a minimum of 25 per cent of the shares would be reserved for mutual funds and insurance companies, subject to receipt of valid bids. Any unsubscribed portion by these two entities would be available for other bidders. No other class of single bidder would be allocated more than 25 per cent of the sale.
Currently, Promoter’s holding in Blue Dart Express is 81.03 per cent. While FIIs hold 1.45 per cent stake, DIIs hold 6.87 per cent stake and others including retail investors have 10.65 per cent share in the equity. With 6.03 per cent stake sale, the DHL Express (Singapore) would cut its stake exactly to 75 per cent, meeting the SEBI norms.
yegya.narayanan@thehindu.co.in