Shares of Ricoh India is locked in upper circuit for fourth consecutive day, up 10% at Rs 104 after its foreign promoter proposing to delist the company’s equity shares from the Bombay Stock Exchange (BSE).
The stock has rallied 77% in past one week from Rs 58.75 on November 7 compared to 1.34% fall in benchmark S&P BSE Sensex. Around 210,000 shares have already changed hands on the counter and there are pending buy orders for about 242,000 shares on BSE at 1115 hours.
The board of directors of the company has approved the delisting proposal received from Ricoh Asia Pacific Pte.
Japan's Ricoh plans to acquire up to 10.4 million shares of Ricoh India from the public, representing 26.40% stake, and delist the shares from BSE. The promoter group entities currently hold 73.60% stake in the company, Ricoh India said in a filing to the BSE.
Ricoh India said main objectives of the delisting is to obtain full ownership, which will provide the promoter group with increased operational flexibility to support the company's business and to provide an exit opportunity to the public shareholders.
The stock has rallied 77% in past one week from Rs 58.75 on November 7 compared to 1.34% fall in benchmark S&P BSE Sensex. Around 210,000 shares have already changed hands on the counter and there are pending buy orders for about 242,000 shares on BSE at 1115 hours.
The board of directors of the company has approved the delisting proposal received from Ricoh Asia Pacific Pte.
Japan's Ricoh plans to acquire up to 10.4 million shares of Ricoh India from the public, representing 26.40% stake, and delist the shares from BSE. The promoter group entities currently hold 73.60% stake in the company, Ricoh India said in a filing to the BSE.
Ricoh India said main objectives of the delisting is to obtain full ownership, which will provide the promoter group with increased operational flexibility to support the company's business and to provide an exit opportunity to the public shareholders.
