BackRicoh India down 20% as delisting fails
The company's shares were trading at Rs172.80, or down Rs43.2 on the BSE
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Mumbai: Shares of Ricoh India Ltd fell up to 20% on Tuesday morning after the company said its delisting offer had failed.
The Indian subsidiary of Japan’s Ricoh Co. Ltd informed the Bombay Stock Exchange (BSE) that the “delisting offer is deemed to have failed" and its shares would continue to remain listed.
At 1.10pm, Ricoh India’s shares were trading at ₹ 172.80, down 20% or ₹ 43.2 on the BSE. The company is a supplier of office automation equipment like printers and copiers. It also sells technology solutions.
On 6 May, Ricoh Asia Pacific Pte. Ltd had said it wanted to acquire 10.4 million equity shares or 26.40% of the equity capital of the Indian arm from public shareholders. Ricoh Asia Pacific Pte is a subsidiary of the Japanese company and a member of the promoter group in Ricoh India.
After its book-building offer for delisting which ended on 9 June, the price at which the minimum number of shares mandatory for the delisting to be successful came out to be ₹ 225 per equity share. The acquirer, Ricoh Asia Pacific Pte Ltd rejected this price following which its bid to delist the Indian arm stands unsuccessful, the company said.
Ricoh is a global technology company specializing in office imaging equipment, production print solutions, document management systems and IT services. Based in Tokyo, it operates in about 200 countries and regions. In the fiscal year ending March 2014, Ricoh Group had worldwide sales of approximately $21.7 billion, according to the company’s website.
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