Blue Dart stake buy
News Clip: Telegraph, Kolkata
23 June, 2015
Blue Dart Express - the integrated transportation and distribution company - today said it had become a majority shareholder in Blue Dart Aviation after picking up an additional 21 per cent stake.
The purchase will take the company's shareholding in Blue Dart Aviation to 70 per cent from 49 per cent. Blue Dart Aviation will therefore become a subsidiary of Blue Dart Express.
The board of directors of Blue Dart Express had approved to hike the stake to 74 per cent.
"Following the approval of the board, the company has acquired an additional 21 per cent and it now holds 70 per cent stake in Blue Dart Aviation Ltd," the company said in a filing with the stock exchanges.
However, the company did not disclose the financial details of the transaction.
Blue Dart Aviation is a player in the domestic air express market and specialises in time-definite scheduled freight services for overnight and next day delivery of express and cargo loads.
The announcement of the deal led to the shares of Blue Dart Express gaining on the stock exchanges today.
On the Bombay Stock Exchange, the scrip rose over 1 per cent to close at Rs 6,068.05.
During the fourth quarter ended March, Blue Dart had reported a net profit of Rs 34.74 crore against Rs 30.65 crore in the corresponding period of last year.
This came on the back of higher net sales at Rs 570.99 crore compared with Rs 503 crore in the same quarter a year ago.