Mumbai: Shares of Logistics service provider Blue Dart Express on Thursday jumped by over 18 per cent after its promoter announced plans to dilute 6.03 per cent 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 per cent 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 per cent 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 per cent 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 per cent by June next year so that a minimum 25 per cent public shareholding can be maintained in listed private companies.
Blue Dart said a minimum of 25 per cent of the offer will be reserved for allocation to insurance companies and mutual funds.