Ricoh India is locked in upper circuit of 20% at Rs 71.50 after the company said its foreign promoter proposing to delist the company’s equity shares from the Bombay Stock Exchange (BSE).
Around 7,646 shares have changed hands on the counter and there are pending buy orders for 4.48 million shares at 1000 hours on BSE.
“The board of directors of the company have received a letter dated November 08, 2013 from Ricoh Asia Pacific Pte Ltd., a wholly owned Subsidiary of Ricoh Company, the controlling shareholder and promoter of Ricoh India on November 08, 2013, proposing to make a voluntary delisting offer of shares of Ricoh India from the BSE,” Ricoh India said in a statement.
The board of directors schedule to meet today to consider the proposal of delisting of shares of the Company and matters incidental thereto at the meeting.
Currently the promoters hold 73.60% stake in the company and retail investors control 20.83%, while the remaining 0.02% stake are with the domestic institutional investors.
Around 7,646 shares have changed hands on the counter and there are pending buy orders for 4.48 million shares at 1000 hours on BSE.
“The board of directors of the company have received a letter dated November 08, 2013 from Ricoh Asia Pacific Pte Ltd., a wholly owned Subsidiary of Ricoh Company, the controlling shareholder and promoter of Ricoh India on November 08, 2013, proposing to make a voluntary delisting offer of shares of Ricoh India from the BSE,” Ricoh India said in a statement.
The board of directors schedule to meet today to consider the proposal of delisting of shares of the Company and matters incidental thereto at the meeting.
Currently the promoters hold 73.60% stake in the company and retail investors control 20.83%, while the remaining 0.02% stake are with the domestic institutional investors.
