Ricoh India shares plunged on the BSE on Tuesday as the delisting offer by its Japanese foreign promoter failed.
In a notice to the BSE, the company said that the acquirer — Ricoh Asia Pacific Pte Ltd — has rejected the price of ₹225, where the total number of shares to be acquired for successful delisting offer were tendered.
The company had set a price of ₹200 a share for the delisting offer to acquire 1.05 crore shares, representing 26.4 per cent of the equity capital of the company.
The Japanese parent managed to get bids for 69.42 lakh equity shares, of which 41.80 equity shares were tendered at or below the discovered price of ₹200 a share.
“Accordingly, the delisting offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations and hence the acquirer will not acquire any offer shares tendered by the public shareholders pursuant to the delisting offer and the equity shares of Ricoh India will continue to remain listed on the BSE,” it said in a statement.
The stock crashed 20 per cent to close at ₹172.80 on the BSE.
This is the second attempt by Ricoh promoters to delist the shares from Indian bourses. Earlier in November 2012, the company made a delisting offer at a floor price of ₹53.79 but could not muster enough bids.