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Logistics Service provider Blue Dart Express’ promoter DHL Express (Singapore) sold 6.03% stake through offer for sale (OFS) route. The OFS constituted of an aggregate of 1.43 million equity shares of Rs.10 each of Blue Dart Express with a floor price of Rs. 1720 by the promoter. Citi acted as the stockbroker to undertake the OFS and drafted the share trade agreement.
Talwar Thakore & Associates acted as domestic legal counsel to DHL Express with a team led by Managing Associate Rahul Gulati while Linklaters acted as International legal counsel to DHL Express with a team led by Partner Arun Balasubramanian.
Amarchand Mangaldas acted as domestic legal counsel for Citi with a team led by Mumbai based Partners Yash Ashar and Gaurav Gupte.
Cleary Gottlieb Steen & Hamilton LLP acted as International Legal Counsel to Citi.
OFS mechanism was recently introduced to enable listed Indian companies comply with the 25 per cent mandatory public shareholding.
The deal was signed on November 21, 2012 (date of the Share Trade Agreement) and closed on November 26, 2012 (date of settlement of trade).