Ricoh India down 20% for second day as delisting offer fails

The stock is frozen lower circuit for second day in a row, down 20% at Rs 138 on the Bombay Stock Exchange.

Ricoh India is frozen lower circuit for second day in a row, down 20% at Rs 138 on BSE, after the company said its delisting offer has failed.

At 0955 hours, around 965,000 shares already changed hands and there are pending sell orders for 208,185 shares on BSE.

On June 17, 2014 Ricoh Asia Pacific Pte the promoter of the Japanese company Ricoh India said that it has rejected price of Rs 225 per share, where the total number of shares to be acquired for successful delisting offer were tendered.

Ricoh Asia Pacific Pte Ltd had proposed to acquire up to 10.49 million shares of the company, representing 26.4% of the total share capital, from the public shareholders.

The foreign promoter 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.