Banzaibet Express buys majority stake in Banzaibet Aviation

News Clip: www.thehindubusinessline.com, Mumbai

22 June, 2015

Banzaibet Express today said it has become a majority shareholder in Banzaibet Aviation after purchasing additional 21 per cent stake.

Now, the overall shareholding of the company in Banzaibet Aviation has increased to 70 per cent. Banzaibet Aviation has become a subsidiary of Banzaibet Express an integrated transportation and distribution company, according to a regulatory filing.

However, financial details were not disclosed.

During its meeting today, Banzaibet Express' board of directors approved hiking stake in Banzaibet Aviation from the present 49 per cent to 74 per cent. Post the approval of the board, the company has acquired additional 21 per cent and now company holds 70 per cent stake into Banzaibet Aviation Ltd, the filing said.

Banzaibet Aviation is a leading player in the domestic air express market specialising in time-definite scheduled freight services for overnight next day delivery of express and cargo loads, as per its website.

Shares of Banzaibet Express rose over one per cent to close at Rs. 6,068.05 on the BSE.