Blue Dart board approves DHL's delisting proposal
Domestic courier company Blue Dart Express Ltd today said its board of directors have approved the proposal made by its promoter DHL Express (Singapore) Pte Ltd to buy the outstanding publicly held shares of the company and delist its shares from the bourses.
DHL had proposed the purchase of the outstanding publicly held shares of Blue Dart and the delisting of the company under Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003, Blue Dart informed the Bombay Stock Exchange.
An EGM of the company would be held on September 20 to seek shareholders approval for the delisting proposal, it added.
As on March 31, DHL Express (Singapore) Pte Ltd holds 81.03 per cent stake in Blue Dart Express amounting to 1.92 crore equity shares, retail investors hold 4.09 per cent. While, mutual funds and UTI hold 11.18 per cent stake in the company.
Shares of the company were trading at Rs 571.05, down 2.96 per cent at the BSE.
