Jindal India Power acquires 15.16% Jindal Photo stake

Jindal India Power Limited acquired 15,55,529 equity shares of Jindal Photo Limited, equal to 15.16% of its voting capital, through a stock-exchange allotment on November 13, 2026. Jindal India Power moved from a reported zero holding to 15.16%, while Jindal Photo’s 1,02,58,326-share equity base remained unchanged.

What stake did Jindal India Power acquire in Jindal Photo?

Jindal India Power acquired 15,55,529 Jindal Photo equity shares carrying voting rights, representing 15.16% of total share or voting capital and 15.16% of total diluted share or voting capital. The company disclosed the acquisition on November 13, 2026 under Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Before the November 13, 2026 acquisition, Jindal India Power reported zero shares, zero voting rights and a 0% holding in Jindal Photo. It also reported nil warrants, convertible securities, other instruments carrying potential voting rights, and encumbered shares before the transaction.

The change was entirely in equity shares carrying voting rights. Jindal India Power reported nil holdings after the acquisition in warrants, convertible securities and other instruments, while no shares were reported as encumbered, invoked or released in connection with the 15,55,529-share acquisition.

How did Jindal India Power acquire the 15.16% stake?

Jindal India Power acquired the 15,55,529 shares through a stock-exchange mechanism under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. The disclosure describes the event as a stock-exchange allotment completed on November 13, 2026, rather than identifying it as an open-market purchase, rights issue, preferential allotment or inter-se transfer.

The filing links the November 13, 2026 allotment directly to Jindal Photo’s delisting process. Its covering letter says the disclosure concerns an acquisition by Jindal India Power as a person acting in concert, or PAC, with the named acquirers in the delisting process under the 2021 regulations.

The document does not state a price per share, aggregate consideration or transaction value for the 15,55,529 shares. It also does not disclose how many shares, if any, were separately acquired by the two acquirers named alongside Jindal India Power in the November 13 filing.

Jindal Photo is listed on BSE Limited and the National Stock Exchange of India Limited, according to the disclosure. The filing identifies the stock-exchange mechanism as the route for the 15,55,529-share allotment, but does not identify which exchange processed the allotment or provide a settlement date beyond November 13, 2026.

Did Jindal Photo’s share capital change after the acquisition?

Jindal Photo’s reported equity share capital did not change after the November 13, 2026 acquisition, remaining 1,02,58,326 equity shares before and after the transaction. The company stated the same total voting capital and total diluted share or voting capital of 1,02,58,326 shares after the allotment.

The stated share capital was Rs 10.258326 crore, divided into 1,02,58,326 equity shares with a face value of Rs 10 each, both before and after the acquisition. This comparison shows that the disclosed 15.16% holding used the same voting-capital denominator on both sides of the transaction.

The disclosure defines diluted share or voting capital as the target company’s total shares assuming full conversion of outstanding convertible securities or warrants into equity shares. For Jindal India Power, the filing reported nil warrants and convertibles after November 13, 2026, and the reported percentage was 15.16% on both the voting-capital and diluted-capital measures.

Who are the parties named in the Jindal Photo acquisition?

Jindal India Power is identified as the PAC alongside Concatenate Power Advest Private Limited, described as Acquirer 1, and Concatenate Advest Advisory Private Limited, described as Acquirer 2. The November 13, 2026 form identifies all three as belonging to Jindal Photo’s promoter or promoter group.

The disclosure reports Jindal India Power’s individual acquisition of 15,55,529 shares, or 15.16%, but does not give the individual stakes of Acquirer 1 or Acquirer 2. It also does not state the combined holding of the two acquirers and Jindal India Power after the stock-exchange allotment.

Jindal India Power’s company secretary, Surjeet Sharma, signed the disclosure from New Delhi on November 13, 2026. The accompanying communication was addressed to BSE, the National Stock Exchange and Jindal Photo, requesting that the Regulation 29(1) disclosure be taken on record.

The filing uses Jindal Photo as the target company for the takeover-regulations disclosure and records the same 15.16% figure against both total voting capital and diluted voting capital. It does not provide a separate promoter-group ownership table before or after the 15,55,529-share allotment.

What does the filing say about Jindal Photo’s delisting process?

The filing says the November 13, 2026 acquisition occurred in Jindal Photo’s delisting process under the 2021 delisting regulations. It does not disclose a final delisting result, an offer or exit price, a completion date, or a timetable for any remaining steps.

The filing separates the regulatory route from the reporting requirement. The 2021 delisting regulations are cited as the basis for the stock-exchange allotment of 15,55,529 shares, while Regulation 29(1) of the takeover regulations is cited for reporting Jindal India Power’s change from 0% to 15.16%.

The measurable outcome in this disclosure is limited to Jindal India Power’s reported holding and Jindal Photo’s unchanged 1,02,58,326-share capital. The document does not disclose consideration for the 15,55,529 shares, the other acquirers’ holdings, or the aggregate stake of the acquisition group.

The filing says the capital figure used for the disclosure should be taken from Jindal Photo’s latest stock-exchange filing under Regulation 31 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It does not attach a separate Regulation 31 filing or state a different capital base for the 15.16% calculation.

Conclusion

The November 13, 2026 disclosure records a material change in Jindal India Power’s reported ownership of Jindal Photo through the delisting-process mechanism. The stake rose from no reported shares to 15.16%, while the target company’s Rs 10.258326 crore equity capital, 1,02,58,326 shares and stated voting-capital base did not change.

What to watch next is the continuing delisting process disclosed under the 2021 regulations. The filing leaves the transaction consideration, the individual and combined positions of the other acquirers, and the final outcome and timetable of the delisting process unresolved.