Promoters to delist Ricoh India, offer to buy public holding

With an aim to attain full ownership, Japan's Ricoh plans to acquire up to 1.04 crore shares of Ricoh India from the public, representing 26.40% stake, and delist the shares from BSE.

At current prices, the 26.40% stake held by the public in the imaging solutions provider is worth Rs 62 crore.

The promoter group entities currently hold 73.60% stake in the company, Ricoh India said in a filing to the BSE.

"...On behalf of the promoters of the company, Ricoh Company Ltd and NRG Group Ltd, holding in aggregate 29,270,370 equity shares of the company constituting 73.60% stake, propose to voluntary delist the equity shares of the company from BSE...By acquiring up to 10,497,791 equity share held by public shareholders," the filing said today.

The board of directors of the company will consider the proposal at the meeting scheduled to be held on November 11.

The shares held by public represent 26.40% of the issued and paid up equity share capital of the company, it added.

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.

Shares of Ricoh India closed at Rs 59.60, up 1.45% on the BSE.