Ricoh India was locked at 5% upper circuit at Rs 137.25 at 11:56 IST on BSE, after the company's foreign promoter fixed an indicative price for delisting of shares of Indian unit.
The announcement was made during market hours today, 2 January 2014.
Meanwhile, the S&P BSE Sensex was up 144.59 points or 0.68% at 21,285.07
On BSE, so far 1.43 lakh shares were traded in the counter with pending buy orders of 25,440 shares at upper circuit. The stock has an average volume of 56,738 shares in the past one quarter.
The scrip hit a record high of Rs 137.25 in intraday trade today, 2 January 2014. The stock hit a low of Rs 130.20 so far during the day. The stock hit a 52-week low of Rs 32.65 on 26 March 2013.
The small-cap company has an equity capital of Rs 39.77 crore. Face value per share is Rs 10.
Ricoh India during market hours today, 2 January 2014 said that the company's foreign promoter has set Rs 120 per share as the indicative price for the proposed delisting offer of Ricoh India. The indicative price, or the price at which the foreign promoter may be willing to accept the shares tendered in delisting offer, was set after considering the prevailing market conditions, Ricoh India said.
Ricoh India's board of directors at its meeting held on 11 November 2013 had approved a proposal of foreign promoters to delist shares of the company from the Bombay Stock Exchange (BSE). Foreign promoters owned 73.6% stake in Indian unit as on 30 September 2013.
Ricoh India reported net profit of Rs 0.03 crore in Q2 September 2013 as against net loss of Rs 6.23 crore in Q2 September 2012. Total income jumped 85.2% to Rs 296.65 crore in Q2 September 2013 over Q2 September 2012.
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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