Shares of Indian express operator Blue Dart Express surged last month on talk that DHL has agreed to an offer price of Rs 950 per share to acquire the remaining stake in the company. DHL acquired a majority stake in Blue Dart in 2004 and has since then been trying to acquire the residual stake and delist the company.
DHL currently holds a little over 81 percent in Blue Dart through DHL Express Singapore, while institutional investors collectively hold 10.34 percent. Individual investors have a stake of less than 5 percent. The institutional investors include fund houses like SBI Mutual Fund and UTI Mutual Fund.
According to sources, talks initially fell through in November last year due to differences over the buyback price. Interestingly, DHL had earlier refused to accept the price of Rs 950 per share. In the past one month, the stock has gained nearly 45 percent or Rs 196.30.