Ricoh India Looks To Get Trading Suspension Revoked
Ricoh India has paid all the necessary penalties and filed a fresh application with the Bombay Stock Exchange to revoke the trading suspension imposed earlier this month, said Ian Winham, chairman of Ricoh India at the annual general meeting on Thursday.
The BSE had suspended trading in shares of the company from December 13 after the company failed to file its financial results for two quarters, ending December 2015 and March 2016. As a result, normal trading in the stock was suspended in May this year and moved to the Z category of the BSE – a category where settlement takes place on a trade-for-trade basis. The exchange allowed delivery-based trading on the stock on the first trading day of every week.
Ricoh India had been given six months to release earnings for four pending quarters – ending December 2015, March 2016, June 2016 and September 2016 but managed to do so only for the December 2015 and March 2016 quarters on time.
The company is looking to turn profitable at the operating level by the end of financial year 2016-17 and to break even, in terms of profit before tax, by financial year 2017-18.
The Japanese major's Indian subsidiary suffered a huge setback due to an accounting fraud which led to a loss of Rs 1,117.7 crore in financial year 2015-16. One of the promoters, the NRG Group, infused capital worth Rs 1,123 crore into the company to tide over these losses.
Ricoh India's finance cost stood at Rs 94 crore as the company suffered a total loss of Rs 183 crore in the first half of financial year 2016-17. It had a total debt of Rs 2,345 crore of which Rs 1,123 crore has been repaid with the capital provided by the promoter.
In the AGM, the company also passed a special resolution seeking shareholders' approval to raise Rs 1,000 crore by way of any financial instrument. The funds raised will be used to pare the remaining debt of Rs 1,222 crore.
The company's order book remains at Rs 2,000 crore, executable over a period of 3-5 years.
Also Read: Ricoh India Reports Highest Ever Loss In First Half Of Financial Year
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