Wednesday, Aug 25, 2004
Wednesday, Aug 25, 2004 |
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By Our Special Correspondent— Our Special Correspondent
NEW DELHI, AUG. 24. Gestetner India and Ricoh India announced that they would be merged into a single entity. The two companies are subsidiaries of Ricoh, Japan, the $18 billion global office automation major. The feasibility of the merger was approved by the respective boards of the two companies who have combined revenue of Rs. 150 crores and a market share of 22 per cent in the digital multifunctional products. Under the merger proposal, Gestetner India would merge with Ricoh India, subject to the approval of the courts and the statutory authorities. The parent company in Japan has also indicated that it would be willing to waive the Rs. 10.6 crores of arrears of preference share dividend of Ricoh India as part of the over capital restructuring plan. The valuers appointed for determining the share swap ratio on merger have recommended a ratio of six shares of Ricoh India for one share of Gestetner. The companies will now approach the High Courts in Mumbai and Kolkata for sanction.
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