Japan-based Ricoh and UK-based NRG Group, acting in concert, have made an open offer to acquire up to 8,59,592 shares of Rs 10 each of Gestetner India at Rs 32 per share.
The offer represents 24 per cent of the voting equity share capital, according to a release issued to the Bombay Stock Exchange on Tuesday.
"The price for partly-paid shares will be adjusted to the extent unpaid," the release added.
While Ricoh does not hold any shares in the target company, NRG Group holds 51 per cent stake (18,26,632 shares) in Gestetner.
DSP Merrill Lynch is the manager to the issue, the release said.
The specified date for the offer is January 16, 2004. The offer will open on January 29, 2004 and close on February 27, 2004.