Blue Dart Express shares surge over 18% on bourses
Mumbai: Shares of Logistics service provider Blue Dart Express on Thursday jumped by over 18 percent after its promoter announced plans to dilute 6.03 percent stake that is expected to fetch Rs 245 crore.
Reacting to the development, shares of the company opened on a bullish note and surged 18.09 percent to an early high of Rs 2,024 on the BSE.
A similar movement was seen on the National Stock Exchange, where the stock opened at Rs 1,600, and then jumped 17.40 percent to day's high of Rs 2,015.
In a notice of offer for sale, Blue Dart Express yesterday 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.
DHL Express (Singapore), as on end of September, had 81.03 percent stake in Blue Dart Express.
Regulator Sebi, earlier this year, made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75 percent by June next year so that a minimum 25 percent public shareholding can be maintained in listed private companies.
Blue Dart said a minimum of 25 percent of the offer will be reserved for allocation to insurance companies and mutual funds.