Ricoh India hit a lower circuit limit of 20% at Rs 172.80 at 13:49 IST on BSE after the company said its delisting offer has failed and the equity shares of the company will continue to remain listed on the BSE.
The company made the announcement during trading hours today, 17 June 2014.
Meanwhile, the BSE Sensex was 16.16 points, or 0.06%, to 25,206.64.
On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 1.08 lakh shares in the past one quarter.
The stock opened with an downward gap, falling by the maximum 20% daily circuit and remained locked at the 20% level at Rs 172.80 so far in the day. The stock hit a 52-week high of Rs 251.10 on 11 June 2014. The stock hit a 52-week low of Rs 41.85 on 7 August 2013.
The stock had outperformed the market over the past one month till 16 June 2014, rising 46.64% compared with 4.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 65.39% as against Sensex's 15.50% rise.
The small-cap company has an equity capital of Rs 39.77 crore. Face value per share is Rs 10.
Ricoh India said its promoter, Ricoh Asia Pacific Pte, has rejected price of Rs 225, where the total number of shares to be acquired for successful delisting offer were tendered.
The total number of equity shares tendered by the public shareholders in the delisting offer were 69.42 lakh, of which the number of offer shares tendered at or below the discovered price of Rs 200 per share were 41.82 lakh.
Furthermore, the number of offer shares tendered is less than the minimum number of offer shares required to be accepted by the promoter for the delisting.
Accordingly, the acquirer will not acquire any offer shares tendered by the public shareholders pursuant to the delisting offer and the equity shares will continue to remain listed on the BSE, the company said in a statement.
Ricoh Asia Pacific Pte was seeking to acquire up to 1.04 crore equity shares, or 26.40% equity, of Ricoh India from the public shareholders. Foreign promoters owned 73.60% stake in Ricoh India as on 31 March 2014.
Net profit of Ricoh India declined 76.76% to Rs 14.23 crore on 47.84% rise in net sales to Rs 353.61 crore in Q4 March 2014 over Q4 March 2013.
Ricoh India is a subsidiary of Japan's Ricoh Co. Ricoh India manufactures imaging products. Its product line consists of photo copiers, photo copying apparatus, facsimile machine, electronic white board, duplicating machine, stencil cutters, duplicator stencils, duplicating paper and rotary ink.
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