Jindal Photo Delisting: ₹1,120 Offer and Key Dates

Jindal Photo moves forward with delisting plan

Jindal Photo Limited has moved ahead with its proposed voluntary delisting from the BSE and NSE. The company received in-principle approval from both exchanges on October 21, 2026, under the SEBI Delisting Regulations. The promoter-led offer seeks to acquire shares held by public shareholders through the reverse book-building route. Jindal Photo subsequently published its Detailed Public Announcement, or DPA, on October 22, 2026. It also submitted the Letter of Offer dated October 22, 2026. The process gives eligible public shareholders an opportunity to tender their shares for cash consideration at the price discovered through the bidding process or the applicable exit price.

Promoter entities are leading the offer

The delisting offer has been made by Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited. Jindal India Power Limited is participating as a person acting in concert, or PAC. The acquirers belong to Jindal Photo's promoter group. According to the DPA, the promoter group entities collectively hold 74.20% of the company's equity share capital. The proposed offer is intended to acquire the remaining public shareholding covered by the delisting proposal. The company has stated that the process is being undertaken in accordance with the applicable SEBI Delisting Regulations.

Offer covers 26,46,183 public shares

The proposal covers 26,46,183 equity shares held by public shareholders. This represents 25.80% of Jindal Photo's paid-up equity share capital. Public shareholders who are eligible under the offer process can participate in the reverse book-building mechanism during the specified bid period. The reverse book-building process allows shareholders to indicate the price at which they are willing to tender their shares. The final exit price is not fixed at the indicative price and will be determined under the prescribed delisting process. The offer would eliminate public shareholding if the delisting is completed in line with the applicable regulations.

Floor price is set at ₹1,119.50

The floor price for the proposed delisting has been fixed at ₹1,119.50 per equity share. The acquirers have indicated a price of ₹1,120 per share, marginally above the floor price. The floor price was determined on the basis of a valuation report by ICON Valuation LLP. The indicative price serves as the price communicated by the acquirers at the start of the offer process. It does not itself determine the final price payable to shareholders. The final outcome will depend on the reverse book-building process and the conditions applicable to the voluntary delisting offer.

Bidding window opens on November 2

Eligible public shareholders can submit bids from November 2, 2026. The reverse book-building window will close on November 6, 2026. The specified date for identifying relevant public shareholders was October 21, 2026. The Letter of Offer has been dispatched to public shareholders. Shareholders considering participation need to follow the instructions and timelines set out in the offer documents. The bid period is a central stage in the process because it will determine the price discovery outcome for the proposed delisting.

Key facts on the Jindal Photo delisting

Shareholders had approved the proposal earlier

Jindal Photo's shareholders approved the voluntary delisting proposal through a postal ballot on August 18, 2026. The board had earlier considered voluntary delisting at its meeting held on July 15, 2026. The current process followed an announcement by the promoter entities on June 29, 2026. The company had also appointed a peer-reviewed company secretary to carry out the due diligence required under the delisting regulations. These steps preceded the exchange approvals and the publication of the DPA. The sequence reflects the regulatory and shareholder processes required before the reverse book-building window can begin.

A previous delisting attempt did not conclude

The current offer follows an earlier attempt by a promoter group entity to delist Jindal Photo in late 2021. That earlier process had an indicative price of ₹269 per share and received shareholder approval, with 98% of votes cast in favour. In-principle approvals were also received from the exchanges in that attempt. Its bidding window opened in March 2022, but the process did not conclude. The 2026 proposal is therefore a fresh delisting process with new offer terms, regulatory steps and a new bid schedule.

What the exchange approvals mean

The in-principle approvals from BSE and NSE permit the company to proceed with the voluntary delisting process subject to the SEBI regulations and offer conditions. They do not establish the final discovered price. The DPA was published in Financial Express, Jansatta and Pratahkal on October 22, 2026. Saffron Capital Advisors Private Limited is the manager to the delisting offer. The Letter of Offer provides the formal documentation for eligible public shareholders ahead of bidding. The next confirmed event is the opening of reverse book-building bids on November 2, 2026.

What investors should track next

For public shareholders, the important dates are the November 2 opening and November 6 closing of the bidding period. The relevant offer metrics are the ₹1,119.50 floor price, the ₹1,120 indicative price and the 26,46,183 shares proposed to be acquired. The final exit price will be determined through the reverse book-building process under the applicable delisting framework. Jindal Photo's disclosures indicate that the promoter group intends to acquire the public shareholding and delist the company from both exchanges. Further updates will depend on the outcome of the bid process and subsequent actions under the SEBI Delisting Regulations.