Blue Dart Board discusses delisting of DHL Express

Bangalore, Aug 17 (UNI) The Board of Directors of Blue Dart Express Limited (BDEL) today discussed the delisting proposal of DHL Express (Singapore) Ptd Ltd (DHLSG), which had offered ten per cent premium over the prevailing market price of Rs 500 per share.

In its meeting held here, the BDEL Board decided to call for an Extraordinary General Meeting for seeking the approval of shareholders for delisting the shares of BDEL.

Under the proposal, DHLSG would acquire the equity shares in BDEL based on the SEBI delisting guidelines, following which the securities of BDEL would be delisted. Subject to the special resolution for delisting the securities being passed, a public announcement of the proposal, including the details of the acquisition process, would be made, a company release here said.

The release said that under the acquisition process, BDEL shareholders could tender their shares to DHLSG for an exit price which would be determined in accordence with reverse book building process as specified in the guidelines. The 26 week average price calculated as on August 14 was approximately Rs 500.

DHLSG would acquire the shares offered to it at a maximum of Rs 550 per share. This price represented a premium of approximately ten per cent of the average closing prices as quoted on the National Stock Exchange (NSE), the release said.

DHLSG had also reserved its right not to acquire the offered shares if the final price, as established pursuant to the guidelines, was more than Rs 550 per share, the release added.

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