Ricoh makes 24% open offer for Gestetner

Ricoh Company, the Japanese digital office equipment major, yesterday made an open offer to acquire an additional 24 per cent stake in its group firm Gestetner India Ltd.

If fully subscribed, the open offer will raise Ricoh's stake in the company from 51 per cent to 75 per cent.

According to a notice sent to The Stock Exchange, Mumbai (BSE), Ricoh Company will seek to acquire 8,59,592 equity shares of Rs 10 each, aggregating 24 per cent of the equity base of Gestetner India.

The shares are being purchased at Rs 32 each, which is at a premium of Rs 22 over the par value.

The UK-based NRG Plc, a 100 per cent subsidiary of Ricoh which currently holds 1,826,632 shares or 51 per cent in Gestetner India, will, however, not participate in this open offer.

The offer price for the partly paid shares will be adjusted to the extent unpaid, DSP Merrill Lynch Ltd, manager to the issue, said.

The specified date for the offer is January 16, 2004. The offer will open on January 29, 2004 and close on February 27, 2004.

The board of Gestetner India also held an emergency meeting today to consider matter arising out of the public announcement made by Ricoh.