Financial Daily from THE HINDU group of publications
Saturday, Mar 05, 2005
Financial Daily from THE HINDU group of publications Saturday, Mar 05, 2005 |
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Corporate
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Restructuring Logistics - Airlines Blue Dart board to discuss divestment in aviation arm Our Bureau
Mumbai , March 4 THE recent acquisition of Blue Dart Express Ltd by DHL Express (Singapore) Pte Ltd has prompted a restructuring in the equity holding of Blue Dart Aviation Ltd, a subsidiary of Blue Dart Express. As foreign airline companies are not allowed to hold stakes in Indian aviation companies, Blue Dart Express, now a part of DHL Express, is planning to divest 60 per cent of its equity holding in Blue Dart Aviation to Mr Tushar Jani and Mr Khushroo Dubash, the original promoters of Blue Dart. The board of Blue Dart Express Ltd will be held on March 11 to consider the divestment of 1.44 crore equity shares to Mr Jani and Mr Dubash (30 per cent stake apiece). Mr Jani, Mr Dubash and Mr Clyde Cooper, also a promoter, are selling their holding in Blue Dart Express to DHL Express. A company announcement posted on the BSE, said the meeting would also take note of the sale of equity shares of the company by the promoters. The meeting will also take up the sale of equity shares of the company by Newfields Holdings Ltd in favour of DHL Express (Singapore) Pte Ltd. It will also take note of equity shares tendered by shareholders following the completion of the open offer made by the acquirer, namely, DHL Express (Singapore) Pte Ltd. The meeting will also consider appointment of the nominee of DHL Express (Singapore) Pte Ltd, Mr Bryan Jamison, as Director and Chairman of the company.
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