Jindal Photo delisting gets BSE-NSE nod in 2026

What happened on October 21, 2026

Jindal Photo Limited said it has received in-principle approval for voluntary delisting of its equity shares from both BSE and NSE. The approvals are dated October 21, 2026, and were issued under the SEBI (Delisting of Equity Shares) Regulations, 2021. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The BSE approval was issued under letter number LOD/Delisting/SS/IP/970/2026-27. NSE’s approval was issued under letter number NSE/LIST/C/2026/1179. The company described the approvals as “in-principle”, meaning the delisting is still subject to procedural steps laid out in the regulations.

Why “in-principle approval” matters

In-principle approval is an important checkpoint in a delisting process because it indicates that the stock exchanges have reviewed the initial set of submissions and are satisfied, in principle, with the proposal’s compliance framework. But it is not the final delisting order. The company and acquirers still need to complete the remaining regulatory process, including steps linked to shareholder approvals and price discovery.

Voluntary delisting allows a company to remove its shares from public trading while continuing as a corporate entity outside the stock exchanges. For public shareholders, this typically shifts the decision to whether to tender shares through the delisting offer process.

The fresh delisting bid and the stated rationale

The latest voluntary delisting effort was announced on June 29, 2026, when promoter group entities Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, along with Jindal India Power Limited as a person acting in concert (PAC), communicated their intention to delist.

The stated reasons included operational flexibility, support for strategic investments, savings in compliance costs, and providing an exit opportunity to public shareholders. The acquirers indicated an intention to acquire all shares held by public shareholders and, if successful, delist the equity shares from both BSE and NSE.

Key parties and advisers involved

Saffron Capital Advisors Pvt. Ltd., described as the Manager to the Offer, informed the exchange about the delisting-related communications and documentation, including the initial public announcement under Regulation 8 of the delisting regulations. For valuation, ICON Valuation LLP (IBBI Registration No. IBBI/RV-E/06/2019/107) was appointed as the registered valuer.

The valuation report dated July 16, 2026, signed by Mr. Aseem Mankodi (IBBI Registration No. IBBI/RV/06/2018/10154), determined the floor price in line with Regulation 19A of the delisting regulations. Separately, Jindal Photo’s board appointed M/s Bhumika & Co to conduct due diligence for the voluntary delisting.

Floor price, indicative price, and what applies to public shareholders

Based on the valuation report, the floor price was set at ₹1,119.50 per share. The acquirers also decided an indicative offer price of ₹1,120 per share for the delisting proposal.

The offer is stated to apply to 26,46,183 shares, representing 25.80% of the equity, held by public shareholders. The final discovered price is to be determined through a reverse book-building process, and the acquirers have the right to accept or reject the discovered price.

Board approval and compliance steps already disclosed

Jindal Photo disclosed that its board meeting on July 16, 2026 approved the voluntary delisting proposal from NSE and BSE. The board also took on record due-diligence and audit reports submitted by M/s Bhumika & Co. The company also said it intended to seek shareholder approval through a postal ballot, with a cut-off date stated as July 10, 2026.

The company has also referenced the appointment of a peer-reviewed company secretary to conduct due diligence required under the delisting regulations. These steps matter because the delisting framework places heavy emphasis on procedural compliance, documentation, and transparency to public shareholders.

Postal ballot, e-voting window, and shareholder approval

The company said it completed dispatch of postal ballot notices for the voluntary delisting proposal as of July 17, 2026. It also published advertisements in Financial Express and Jansatta on July 19, 2026, to inform members.

E-voting was scheduled from July 20 to August 18, 2026. Another update in the provided information states that shareholders approved the voluntary delisting from BSE and NSE on August 19, 2026.

What the shareholding figures imply

The provided information contains two promoter holding figures. One section says Concatenate Power Advest and Concatenate Advest Advisory together held 73.18%. Another section states the acquirers currently held 74.20% at the time of the June 29, 2026 announcement.

What is consistent across the disclosures is that public shareholding is significant enough to require a formal delisting offer and reverse book building, and that the delisting, if successful, would result in full promoter ownership and removal of the stock from both exchanges.

Key delisting facts at a glance

Market impact and what investors track next

The in-principle approvals clarify that the stock exchanges have moved the proposal to the next stage of the delisting workflow, but the process remains outcome-dependent on completion of required steps and the reverse book-building price discovery. For public shareholders, the most consequential variables are the discovered price and the acquirer’s decision to accept or reject it.

For the company, the voluntary delisting effort is positioned as a move to reduce listing-related compliance obligations and improve operational flexibility, as stated in the disclosures. The next milestones to watch are further procedural announcements from the company, the manager to the offer, and the exchanges as the delisting offer progresses.