Ricoh India was locked at 20% upper circuit at Rs 71.50 at 12:13 IST on BSE after board of directors of the company approved delisting proposal.
The announcement was made during trading hours today, 11 November 2013.
Meanwhile, the S&P BSE Sensex was down 115.48 points or 0.56% at 20,550.67
On BSE, 8,469 shares were traded in the counter with pending buy orders of 44.21 lakh shares at upper circuit. The scrip has an average daily volume of 14,604 shares in the past one quarter.
The scrip opened with an upward gap, surging by the maximum 20% daily circuit and remained locked at the 20% level at Rs 71.50 so far in the day, which is also its 52-week high. The stock hit a 52-week low of Rs 32.65 on 26 March 2013.
Ricoh India said its board of directors at its meeting held today, 11 November 2013 approved a proposal of foreign promoters to delist shares of the company from the Bombay Stock Exchange (BSE). Japan's Ricoh plans to acquire upto 1.04 crore shares of Ricoh India from the public shareholders, representing 26.40% stake. Foreign promoters owned 73.6% stake in Indian unit as on 30 June 2013.
Ricoh India after trading hours on Friday, 8 November 2013 said it has scheduled a board meeting today, 11 November 2013 to consider a proposal of delisting shares of the company from the Bombay Stock Exchange (BSE).
Ricoh India reported net profit of Rs 0.02 crore in Q2 September 2013 as against net loss of Rs 6.23 crore in Q2 September 2012. Total income from operations (net) rose 85.51% to Rs 296.22 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 11 November 2013.
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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