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Blue Dart share sale gets covered nearly four times
Global logistics services provider DHL Express’ share sale in India’s Blue Dart Express Ltd was covered nearly four times in a $172 million deal, revised stock exchanges data showed.The share auction, launched by DHL Express to meet the stock market regulator’s directive that bars owners to hold more than 75 percent stake in listed Indian companies, got bids for 5.2 million shares against the 1.4 million on offer, data showed.
DHL Express owned 81.03 percent of Blue Dart at the end of Sept. 30, according to the Bombay Stock Exchange.
The stock exchanges had earlier shown that investors bid for 3.9 million shares at the close of the auction which was revised later.
The weighted average price of the bids was 1,833.08 rupees a share, at which the deal was worth 9.5 billion rupees ($172 million), but it was not immediately clear whether DHL Express would accept all the bids. (Reuters)
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