Blue Dart Express buys majority stake in Blue Dart Aviation
News Clip: Business Standard, Mumbai
22 June, 2015
Blue Dart Express today said it has become a majority shareholder in Blue Dart Aviation after purchasing additional 21% stake.
Now, the overall shareholding of the company in Blue Dart Aviation has increased to 70%.
Blue Dart Aviation has become a subsidiary of Blue Dart Express -- an integrated transportation and distribution company, according to a regulatory filing.
However, financial details were not disclosed.
During its meeting today, Blue Dart Express' board of directors approved hiking stake in Blue Dart Aviation from the present 49% to 74%.
"Post the approval of the board, the company has acquired additional 21% and now company holds 70% stake into Blue Dart Aviation Ltd," the filing said. Blue Dart Aviation is a leading player in the domestic air express market specialising in time-definite scheduled freight services for overnight next day delivery of express and cargo loads, as per its website.
Shares of Blue Dart Express rose over one% to close at Rs 6,068.05 on the BSE.