We initiated the process of filing a petition with the National Company Law Tribunal in India regarding a recapitalization of our consolidated subsidiary, Ricoh India Limited (Headquarters: Mumbai, Bombay Stock Exchange – referred to as Ricoh India from here) on July 19, 2016. The National Company Law Tribunal issued its order dated August 24 granting approval for the recapitalization of Ricoh India by way of cancellation of the existing shares of Ricoh Company, Ltd. or NRG Group Limited and issuance of the exact same number of shares to Ricoh Company, Ltd. or NRG Group Limited, as the case may be, for a total consideration of 11.23 billion Indian rupees (including premium). On October 14, the requisite resolutions were approved at an Extraordinary General Meeting of Shareholders and on October 15, Ricoh India's Board of Directors agreed the cancellation, allotment and issue of shares pursuant to the recapitalization.
Below is an overview of the recapitalization that has now been effected.
|Capital infusion amount||11.23 billion Indian rupees (17.3 billion yen)|
|Entity which will carry out the capital infusion||NRG Group Limited|
|Method of recapitalization||All shares held by our subsidiary company NRG Group Limited in Ricoh India have been cancelled free of charge, and immediately thereafter NRG Group Limited has been allotted the exact same number of shares of Ricoh India without altering the shareholding structure of Ricoh India.|
|Date of completion of the recapitalization||October 15, 2016|
|(1) Firm Name||Ricoh India Limited|
|(2) Date of Establishment||October, 1993|
|(3) Registered Head Office||801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol Telephone Exchange, MIDC, Andheri - East, Mumbai-400 093|
|(4) Representative||A.T. Rajan (Managing Director and CEO)|
|(5) Stated Capital||398 million rupees|
|(6) Description of Business||Sales of office equipment|
|(7) Our Investment Ratio||73.6%
46.04%...Ricoh Company, Ltd.
27.56%...NRG Group Limited
If there is any information that should be disclosed with regard to Ricoh India it will be shared promptly.