OEM informs Bombay Stock Exchange (BSE) that it will voluntarily delist its equity shares.
The announcement follows a board meeting held on 29 August in which Ricoh India’s Board of Directors “considered and approved” a Postal Ballot Notice containing the special resolution for seeking shareholders approval of the company’s plans to voluntarily delist its equity shares from BSE, reports Money Control.
An announcement appeared on BSE’s website on 30 July stating that “Ricoh India Ltd. has received a proposal […] from Ricoh Asia Pacific Pte. Ltd. […] the controlling shareholder and promoter of the Company, voluntarily delist the equity shares of Ricoh India Ltd. from BSE Limited in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 […] by offering to purchase […] the equity shares of the Company held by the public shareholders”, and that a meeting would be held to pass a resolution approving the decision.
Ricoh have not yet commented at the time of writing.
The Recycler has recently reported on Ricoh’s plans to expand its Indian operations and adopt a “three point programme” to triple the company’s turnover by 2013.