DHL takes majority stake in Blue Dart Express

DHL takes majority stake in Blue Dart Express

Tuesday, 09 November 2004, 08:00 Hrs
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MUMBAI: Global logistics major DHL Express has taken majority stake in Blue Dart Express aimed at strengthening its market position, it was informed Monday.

Blue Dart's promoters had entered into agreements to sell their equity shares collectively constituting 68.21 percent of the company's equity, said a statement issued to the Bombay Stock Exchange.

DHL will pay 350 per share to take control of Blue Dart Express. The agreement is, however, subject to necessary regulatory approvals, added the statement.

DHL will also be making an open offer to acquire the remaining shares of Blue Dart Express in accordance with the capital market watchdog Securities and Exchange Board of India's regulations.

Source: IANS
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