DHL to pick up 68 per cent stake in Blue Dart
09 November 2004
While the founding shareholders are Clyde Cooper (16.6 per cent), Tushar Jani (16.74 per cent) and Khusro Dubash (15.89 per cent), the remaining equity portion being acquired by DHL includes 17 per cent from New Field Holding, the investment arm of Schroder Capital Partners Ltd. The remaining 1.98 per cent equity that is to change hands is held by Blue Dart Courier Services.
"It will be business as usual for both the companies which will run independently. There are natural, inherent synergies between the two and the current board of Blue Dart will remain in place," said Bryan Jamison, regional director, South-East Asia and Indian Sub-Continent, DHL Express Asia Pacific.
DHL said it had finalised agreements with the shareholders. In line with statutory requirements, DHL will make a 20 per cent mandatory open offer to the public shareholders on November 11 at Rs350 per share in cash, subject to the terms and conditions set out in the offer document, thus taking up the total investment by DHL to Rs730 crore.