Jindal Photo Limited Delisting Succeeds at Rs 1,161 Exit Price

Jindal Photo Limited’s voluntary delisting offer succeeded at an exit price of Rs 1,161 per share after the reverse book-building process received bids for 16,80,649 shares and crossed the required 90% ownership threshold. The result sets in motion payment and share-transfer steps for the company’s exit from BSE and NSE.

What happened in Jindal Photo Limited’s delisting offer?

Jindal Photo Limited announced the successful completion of its voluntary delisting reverse book-building process on November 6, 2026. Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, both promoter group entities, made the offer with Jindal India Power Limited acting as the person acting in concert.

The acquirers proposed to purchase equity shares held by public shareholders and voluntarily delist Jindal Photo from BSE and NSE under the Securities and Exchange Board of India Delisting Regulations, 2021. The equity shares have a face value of Rs 10 each.

The reverse book-building process ran from November 2 through November 6, 2026. Bids for 16,80,649 shares were received at the discovered price of Rs 1,161 per share, according to the announcement. The acquirers and Jindal India Power accepted that discovered price under the applicable SEBI regulations.

The filing also states that 16,58,112 shares were validly tendered at or below the Rs 1,161 exit price. It does not disclose an aggregate cash consideration for the shares proposed to be acquired.

How did the Jindal Photo Limited delisting process unfold?

The process followed a series of shareholder and exchange-related milestones before the bidding window opened. Shareholders approved the delisting proposal through a postal ballot on August 18, 2026, while BSE and NSE granted in-principle approvals on October 21, 2026.

The specified date for identifying relevant public shareholders was October 21, 2026. Jindal Photo announced the delisting offer on October 22, and its Committee of Independent Directors met on October 23 to issue reasoned recommendations on the offer under Regulation 28 of the SEBI Delisting Regulations.

Those recommendations were published on October 24 in English, Hindi and Marathi newspapers and were also placed on the company’s website. The Letter of Offer was dispatched to public shareholders before the acquisition window opened.

The floor price was fixed at Rs 1,119.50 per equity share, and the acquirers had indicated Rs 1,120 per share. However, the final exit price was to be determined through reverse book building, which enabled eligible public shareholders to tender shares and participate in price discovery.

What do the ownership figures show after the offer?

The offer was successful because it exceeded the 90% threshold required under the delisting regulations. Jindal Photo stated that the combined holding of the acquirers, the person acting in concert, promoters and promoter group is expected to reach 92,70,255 shares, or 92.10% of the remaining shares, following completion of the acquisition.

The announcement separately said promoter-side and acquirer ownership rose from 74.20% before the offer to 90.37% after the offer. As of September 2026, Indian promoters held 74.20% of the company and public shareholders held 25.80%.

The offer was structured to acquire 26,46,183 equity shares from public shareholders, representing 25.80% of paid-up capital. Public shareholders who tender shares in the successful offer are entitled to cash consideration at the accepted exit price and transfer their ownership to the acquirers.

The source materials describe the result as a successful delisting offer and state that final payment and share-transfer steps are to follow. They do not provide an aggregate consideration amount or a timetable for completion of those subsequent steps.

What does the successful offer mean for investors and the market?

For tendering public shareholders, the confirmed consideration is Rs 1,161 per share, compared with the floor price of Rs 1,119.50 and the initially indicated price of Rs 1,120. The discovered price was therefore determined through shareholder bids rather than being fixed at the indicated price.

For the promoter group, the successful threshold outcome permits the voluntary delisting process to proceed under SEBI’s 2021 regulations. Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited are the acquirers, while Jindal India Power serves as the person acting in concert.

The delisting changes the company’s status on the two stock exchanges after the regulatory process and post-offer settlement are completed. The stated objective is to eliminate public shareholding through acquisition of public equity shares, leaving ownership concentrated with the acquirers, promoters and promoter group.

The development also follows an earlier promoter-group transaction. In December 2021, promoter group entity Soyuz Trading Company Limited acquired 27,98,511 equity shares, representing 27.28% of Jindal Photo’s paid-up capital, and the board expressed an intention to voluntarily delist the shares from the exchanges.

Conclusion

Jindal Photo Limited’s reverse book-building offer cleared the required ownership threshold at an accepted exit price of Rs 1,161 per share. Bids for 16,80,649 shares and valid tenders of 16,58,112 shares supported the successful result, while the company reported expected promoter-side ownership of 92.10% of remaining shares after completion.

Investors should watch the final payment and share-transfer process, which the company identified as the next stage after the successful offer. The disclosures do not state aggregate consideration or a separate completion date, but they confirm that the acquirers accepted the discovered price under the SEBI Delisting Regulations, 2021.