Ricoh India has rallied 12% to Rs 144 after the company's promoter announced delisting offer to the public shareholders of the company.
Ricoh India said that its promoter, Ricoh Asia Pacific Pte Ltd, has made a public announcement to the public shareholders of the company in respect of the proposed acquisition and consequent delisting of the fully paid-up equity shares of the company from the BSE.
Ricoh Asia Pacific Pte Ltd is seeking to acquire up to 10.49 million shares of the company, representing 26.4% of the total share capital, from the public shareholders. The floor price of the reverse book-building process is fixed at Rs 58.01 per share.
The foreign promoter had expressed its intention to pay an indicative price of up to Rs 120 per share to acquire the shares offered to it in the delisting offer.
Ricoh Asia Pacific Pte Ltd will announce the discovered price and its decision to accept or reject the discovered price by June 19, 2014.
As of March 31, 2014, the promoters held 73.60% stake in the company. The retail investors control 19.63%, while the bodies corporates (6.12%) and others hold a stake of 6.77%.
The stock opened at Rs 138 and hit a record high of Rs 149 in early morning deals on the BSE. Till 1250 hours, around 248,000 shares changed hands on the counter, as against an average sub 20,000 shares that were traded daily in the past two weeks on the BSE.
Ricoh India said that its promoter, Ricoh Asia Pacific Pte Ltd, has made a public announcement to the public shareholders of the company in respect of the proposed acquisition and consequent delisting of the fully paid-up equity shares of the company from the BSE.
Ricoh Asia Pacific Pte Ltd is seeking to acquire up to 10.49 million shares of the company, representing 26.4% of the total share capital, from the public shareholders. The floor price of the reverse book-building process is fixed at Rs 58.01 per share.
The foreign promoter had expressed its intention to pay an indicative price of up to Rs 120 per share to acquire the shares offered to it in the delisting offer.
Ricoh Asia Pacific Pte Ltd will announce the discovered price and its decision to accept or reject the discovered price by June 19, 2014.
As of March 31, 2014, the promoters held 73.60% stake in the company. The retail investors control 19.63%, while the bodies corporates (6.12%) and others hold a stake of 6.77%.
The stock opened at Rs 138 and hit a record high of Rs 149 in early morning deals on the BSE. Till 1250 hours, around 248,000 shares changed hands on the counter, as against an average sub 20,000 shares that were traded daily in the past two weeks on the BSE.
