The Indian promoters of air cargo and courier entity Blue Dart Express and Newfields Holdings have sold 68.21 per cent stake in the company to DHL Express (Singapore) Pte Ltd for over Rs 570 crore (Rs 5.7 billion).
The Indian promoters along with the persons acting in concert-holding 1,21,51,552 shares, and Newfields Holdings Ltd with 40,33,405 shares, have entered into separate agreements to sell their stake at Rs 350 per share to DHL Express, subject to necessary regulatory approvals, Blue Dart said in a communication to the National Stock Exchange.
DHL Express (Singapore) would also make an open offer to acquire shares of the company in accordance with Securities and Exchange Board of India's takeover regulations, it added.
