Shares of logistics service provider Blue Dart Express today slumped more than 10 per cent in early trade on bourses after its promoter set the floor price for its offer for sale at a steep discount to the current market price.
DHL Express (Singapore) has fixed a price of Rs 1,720 per share, a discount of 16 per cent to yesterday's closing price, for sale of 6.03 per cent stake in its subsidiary Blue Dart Express.
The stake sale could fetch the company at least Rs 246.29 crore.
Reacting to the announcement, shares of the company opened with a weak note at Rs 2,045.00 then lost further ground and tanked 10.53 per cent to touch an early low of Rs 1,840 on the BSE.
A similar movement was seen on the NSE, where the stock opened at Rs 2,012, then fell 8.95 per cent to an early low of Rs 1,875.10.
DHL Express (Singapore), which holds 81.03 per cent stake in Blue Dart Express as on September-end, would sell 14.32 lakh shares in the company tomorrow.
Market regulator Sebi has earlier this year made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75 per cent by June next year so that a minimum 25 per cent public shareholding can be maintained in listed private companies.
Blue Dart said a minimum of 25 per cent of the offer will be reserved for allocation to insurance companies and mutual funds.
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