DHL offers to buys Damani stake in Blue Dart

DHL Express, the promoters of Blue Dart Express, approached Radhakishan Damani last week to secure his backing for the proposed delisting of Blue Dart - sources close to the development said.

Radhakishan Damani owns a 5.5% stake in Blue Dart and is the second largest shareholder in the logistics major. The pricing being quoted by RK Damani for tendering his shares is between Rs 2250 - Rs 2300 per share, according to sources. Independent market experts believe that this might set the stage for DHL to raise the offer price for acquiring the 19% shares it does not already hold of Blue Dart Express.

ET NOW had earlier reported that DHL was keen to buy back shares of Blue Dart Express at Rs 1700-Rs 1800 per share.

The share price as of Tuesday close was down 8.3% at Rs 1373 on the BSE thus pegging the market capitalisation of the company at Rs 3,258 crore.

When contacted, DHL said: "DHL does not comment on market speculation and rumors".