Ricoh India to consider Delisting From Stock Index

[Anonymous]

Ricoh India to consider Delisting From Stock Index

Ricoh India Ltd. has received a proposal dated July 28, 2012 from Ricoh Asia Pacific Pte. Ltd. ("Promoter Acquirer"), a wholly owned subsidiary of Ricoh Company Ltd., the controlling shareholder and promoter of the Company, voluntarily delist the equity shares of Ricoh India Ltd. (the "Shares") from BSE Limited ("BSE") in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (the "Regulations"), by offering to purchase (either by itself or together the persons acting in concert) the equity shares of the Company held by the public shareholders, currently amounting to 10,497,791 equity shares representing approximately 26.40% of the issued and paid-up equity share capital of the Company in terms of the Regulations (the "Delisting Proposal").

Presently, the promoter group of the Company (of which the Ricoh Asia Pacific Pte. Ltd. formed a part) owned, in aggregate, 29,270,370 equity shares of the Company representing approximately 73.60% of the issued and paid up share capital of the Company.

Ricoh Asia Pacific Pte. Ltd. has requested the Board of Directors of the Company to convene a board meeting to pass a resolution approving the delisting of the equity shares of the Company and seek consent of the equity shareholders of the Company for delisting of the equity shares of the Company by way of a postal ballot in accordance with the provisions Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001.

A meeting of Board of Directors of the Company has been scheduled on July 30, 2012 to consider the Delisting Proposal.The Ricoh India stock was trading at Rs.57.50, up by Rs.2.70 or 4.93%. The stock hit an intraday high of Rs.57.50 and low of Rs.57.50.The total traded quantity was 7830 compared to 2 week average of 52781.

[Author]

July 31, 2012 at 8:58 AM