Jindal Photo delisting succeeds at Rs 1,161 per equity share

Jindal Photo Limited’s voluntary delisting offer succeeded after 16,58,112 shares were validly tendered at or below the Rs 1,161 exit price, taking expected promoter-side ownership to 92.10% of remaining shares. The reverse book-building process ran from November 2 to November 6, 2026, and the post-offer public announcement is dated November 9, 2026.

What is Jindal Photo’s final delisting exit price?

Jindal Photo’s final exit price is Rs 1,161 per equity share, the same as the price discovered in the reverse book-building process. Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, together called the acquirers, and Jindal India Power Limited as the person acting in concert accepted the discovered price under the Securities and Exchange Board of India, or SEBI, Delisting Regulations, 2021.

The Rs 1,161 exit price was Rs 41 above the Rs 1,120 indicative price and Rs 41.50 above the Rs 1,119.50 floor price. The indicative price was set by the acquirers and the person acting in concert, while the final price emerged through the reverse book-building process and was subsequently accepted as the exit price.

The offer covered up to 26,46,183 equity shares, representing 25.80% of Jindal Photo’s paid-up equity share capital. These were the shares held by public shareholders, excluding the promoters, promoter group and person acting in concert, and each equity share has a face value of Rs 10.

Jindal Photo said shareholders whose valid bids were placed at or below Rs 1,161 will receive consideration at the exit price. The announcement discloses the accepted tender volume and the per-share exit price, but does not state an aggregate consideration amount for all shares to be acquired.

How did Jindal Photo meet the delisting acceptance condition?

Jindal Photo met the minimum acceptance condition because 16,58,112 shares were validly tendered at or below Rs 1,161, exceeding the required minimum of 14,47,005 shares by 2,11,107 shares. The post-offer announcement says the delisting offer is therefore deemed successful under Regulation 21(a) of the SEBI Delisting Regulations.

The condition required the acquirers, person acting in concert, promoters and promoter group to hold at least 90,59,148 shares after the acquisition. That threshold represented 90% of 1,00,65,720 remaining shares, a regulatory calculation that excludes shares specified under Regulation 21(a).

Following completion of the acquisition, the combined holding of the acquirers, person acting in concert, promoters and promoter group is expected to be 92,70,255 shares, or 92.10% of remaining shares. This is 2,11,107 shares above the 90,59,148-share holding threshold, matching the numerical excess of valid tenders over the minimum tender requirement.

The reverse book-building process, or RBBP, used the stock-exchange mechanisms made available by BSE Limited and National Stock Exchange of India Limited. Saffron Capital Advisors Private Limited, manager to the delisting offer, announced the RBBP outcome on November 6, 2026, before the November 9 post-offer public announcement.

When will Jindal Photo shareholders receive payment or returned shares?

Jindal Photo said eligible shareholders with accepted bids should receive payment on or before November 18, 2026, provided no regulatory approval is required. Payment at Rs 1,161 per share applies to valid tenders made at or below the exit price during the November 2 to November 6, 2026 bid period.

Shares tendered at prices above Rs 1,161 were scheduled to be returned on or before November 11, 2026. The stated return process covers both dematerialised and physical shares and follows the settlement methods described in the detailed public announcement and letter of offer.

Jindal Photo asked holders whose bids were rejected or not accepted to keep their depository participant accounts active and unblocked. That requirement applies to the return of dematerialised shares where a bid price exceeded Rs 1,161 or where shares were otherwise not accepted under the offer.

MUFG Intime India Private Limited, formerly Link Intime India Private Limited, confirmed dispatch of the letter of offer and bid form on October 24, 2026. The specified date was October 21, 2026, with documents sent by email where addresses were available and by speed post for shareholders without available email addresses.

What options remain for Jindal Photo residual shareholders?

Jindal Photo residual shareholders will have a one-year exit window after delisting from BSE and NSE, allowing them to offer their shares at Rs 1,161 each. This route covers shareholders who did not participate in the RBBP, could not participate, or submitted unsuccessful bids in the five-day process ending November 6, 2026.

The one-year period begins from the date of delisting, which is not stated in the November 9 announcement. Jindal Photo said a separate exit letter of offer will be sent to residual shareholders and will set out the required documents and terms for tendering shares to the registrar.

The residual exit route differs from the original RBBP timetable. The original process had a fixed bid period from November 2 to November 6, 2026, whereas the later exit window will run for one year from the eventual delisting date while retaining the same Rs 1,161 exit price.

The announcement identifies Concatenate Power Advest and Concatenate Advest Advisory as the acquirers, while Jindal India Power is the person acting in concert. Saffron Capital Advisors is the manager to the offer and MUFG Intime India is the registrar, with both named in the post-offer announcement dated November 9, 2026.

Conclusion

Jindal Photo’s announced result confirms that the voluntary delisting offer passed its regulatory acceptance test. Valid tenders of 16,58,112 shares exceeded the 14,47,005-share minimum, and expected combined promoter-side ownership of 92,70,255 shares equals 92.10% of remaining shares after acquisition at Rs 1,161 per share.

The next disclosed milestones are the return of rejected shares by November 11, 2026 and payment to eligible accepted bidders by November 18, 2026. Residual shareholders should watch for the BSE and NSE delisting date and the separate exit letter of offer because the one-year exit window starts from that undisclosed date.