Jindal Photo delisting succeeds at ₹1,161 per share

Jindal Photo Limited’s voluntary delisting offer succeeded after 16,58,112 equity shares were validly tendered at or below the ₹1,161 exit price during November 2 to November 6, 2026, taking the acquirers, person acting in concert and promoter group to an expected 92.10% holding of remaining shares.

How did Jindal Photo meet the delisting success condition?

Jindal Photo met the condition because 16,58,112 shares were validly tendered at or below ₹1,161, exceeding the minimum requirement of 14,47,005 shares by 2,11,107 shares. The reverse book-building process, or RBBP, ran for five days from November 2, 2026 to November 6, 2026 under the Securities and Exchange Board of India, or SEBI, Delisting Regulations.

The offer required the acquirers, Jindal India Power Limited as the person acting in concert, or PAC, and the promoter group to hold at least 90,59,148 shares after acquisition. That minimum represented 90% of 1,00,65,720 remaining shares, defined in the announcement as the issued equity-share base after exclusions specified in Regulation 21(a).

Post-acquisition ownership 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 threshold and 2.10 percentage points above the required 90%, leading the November 9, 2026 post-offer public announcement to state that the delisting offer is successful.

The delisting offer covered up to 26,46,183 equity shares, representing 25.80% of Jindal Photo’s paid-up equity share capital. Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited made the offer as acquirers, with Jindal India Power Limited acting as PAC.

What is Jindal Photo’s final exit price?

Jindal Photo’s final exit price is ₹1,161 per equity share, the same as the price discovered through the RBBP ending on November 6, 2026. The acquirers and PAC accepted the discovered price under Regulation 22 of the SEBI Delisting Regulations, making ₹1,161 the consideration for valid bids at or below that level.

The ₹1,161 exit price was ₹41 above the ₹1,120 indicative price and ₹41.50 above the ₹1,119.50 floor price. The indicative price was only ₹0.50 above the floor price, while the discovered price reflected bids received through the stock-exchange mechanism made available by BSE Limited and National Stock Exchange of India Limited, or NSE.

All public shareholders who validly tendered equity shares at or below ₹1,161 will receive ₹1,161 per share, subject to the stated condition that no regulatory approvals are required. The announcement does not provide a total consideration amount, but it confirms that the acquirers and PAC will acquire all shares tendered through valid bids at the exit price.

When will Jindal Photo shareholders receive payment or returned shares?

Jindal Photo has set November 18, 2026 as the last date for payment to shareholders whose bids were accepted and who do not require regulatory approvals. That payment timetable applies to shares validly tendered at or below the ₹1,161 exit price during the November 2 to November 6, 2026 bid period.

Shares bid above ₹1,161 were to be rejected in the RBBP and returned on or before November 11, 2026. The announcement says dematerialised shares or physical share certificates linked to rejected bids will be returned using the settlement methods set out in the detailed public announcement, letter of offer and applicable SEBI circulars.

Shareholders awaiting returned shares must keep their depository participant accounts active and unblocked, according to the November 9, 2026 announcement. This instruction concerns rejected or non-accepted tenders, whereas shareholders with accepted bids at or below ₹1,161 are within the payment process ending by November 18, 2026.

MUFG Intime India Private Limited, the registrar to the delisting offer, confirmed dispatch of the October 22, 2026 letter of offer and bid form on October 24, 2026. Documents were sent electronically to shareholders with available email addresses and by speed post to others identified as of the October 21, 2026 specified date.

What happens to Jindal Photo shares after delisting?

Jindal Photo residual shareholders will have a one-year exit window from the date of delisting from BSE and NSE. The window covers public shareholders who did not participate in the RBBP, could not participate, or submitted bids that were unsuccessful during the November 2 to November 6, 2026 process.

During the one-year window, residual shareholders may offer their shares to the acquirers and PAC at ₹1,161 per share. Jindal Photo said a separate exit letter of offer will be sent to these shareholders, who must submit the documents required by the registrar under the terms specified in that letter.

The 92.10% expected post-offer holding does not mean all public shares were tendered in the five-day RBBP. The offer sought up to 26,46,183 shares, while valid tenders totalled 16,58,112 shares, leaving the separate one-year mechanism relevant to shareholders who retain shares after the delisting process.

The post-offer public announcement dated November 9, 2026 was published on November 10, 2026 in Financial Express, Jansatta and Pratahkal. Jindal Photo said the announcement is expected to be available on the BSE and NSE websites, and shareholders with questions on the offer or exit window may contact the manager or registrar.

Conclusion

Jindal Photo has cleared the regulatory ownership condition for voluntary delisting because valid tenders of 16,58,112 shares exceeded the 14,47,005-share minimum, resulting in expected promoter-side ownership of 92.10%. The final ₹1,161 exit price was ₹41 above the ₹1,120 indicative price and will apply to every valid tender at or below that price.

The immediate dates to watch are November 11, 2026 for the return of shares tendered above ₹1,161 and November 18, 2026 for payment to accepted shareholders not needing regulatory approvals. After the shares are delisted from BSE and NSE, residual shareholders will have a one-year exit window at ₹1,161, with procedures to be provided in a separate exit letter of offer.