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Ricoh India Stocks Tumble 42% in Three Days
Ricoh India hit a lower circuit limit of 10% at Rs 124.45 at 14:15 IST on BSE, extending recent losses triggered by the company's failed delisting offer.
Meanwhile, the BSE Sensex was down 78.69 points, or 0.31%, to 25,167.56.
On BSE, so far 3.22 lakh shares were traded in the counter, compared with an average volume of 1.22 lakh shares in the past one quarter.
The stock opened with an downward gap, falling by the maximum 10% daily circuit and remained locked at the 10% level at Rs 124.45 so far in the day. The stock hit a 52-week high of Rs 251.10 on 11 June 2014. The stock hit a 52-week low of Rs 41.85 on 7 August 2013.
Shares of Ricoh India hit a lower circuit limit of 20% at Rs 172.80 on Tuesday, 17 June 2014. The stock has corrected 42.38% in three sessions from Rs 216 on Monday, 16 June 2014.
The stock had underperformed the market over the past one month till 18 June 2014, falling 6.14% compared with 4.66% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.51% as against Sensex's 15.64% rise.
The small-cap company has an equity capital of Rs 39.77 crore. Face value per share is Rs 10.
Ricoh India announced during trading hours on Tuesday, 17 June 2014, that its delisting offer had failed and the equity shares of the company will continue to remain listed on the BSE.
The company said its promoter, Ricoh Asia Pacific Pte, has rejected price of Rs 225, where the total number of shares to be acquired for successful delisting offer were tendered.
The total number of equity shares tendered by the public shareholders in the delisting offer were 69.42 lakh, of which the number of offer shares tendered at or below the discovered price of Rs 200 per share were 41.82 lakh.
Furthermore, the number of offer shares tendered is less than the minimum number of offer shares required to be accepted by the promoter for the delisting.
Accordingly, the acquirer will not acquire any offer shares tendered by the public shareholders pursuant to the delisting offer and the equity shares will continue to remain listed on the BSE, the company said in a statement.
Ricoh Asia Pacific Pte was seeking to acquire up to 1.04 crore equity shares, or 26.40% equity, of Ricoh India from the public shareholders. Foreign promoters owned 73.60% stake in Ricoh India as on 31 March 2014.
Net profit of Ricoh India declined 76.76% to Rs 14.23 crore on 47.84% rise in net sales to Rs 353.61 crore in Q4 March 2014 over Q4 March 2013.
Ricoh India is a subsidiary of Japan's Ricoh Co. Ricoh India manufactures imaging products. Its product line consists of photo copiers, photo copying apparatus, facsimile machine, electronic white board, duplicating machine, stencil cutters, duplicator stencils, duplicating paper and rotary ink.
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