Jindal Photo Limited Offer Reaches 92.10% Ownership at Rs 1,161

Jindal Photo’s November 2 to November 6, 2026 reverse book-building process produced a Rs 1,161 per-share discovered price and projected promoter-group ownership of 92.10% of remaining shares, above the 90% regulatory threshold, although the delisting remains conditional on acceptance by the acquirers and persons acting in concert.

Did Jindal Photo’s delisting offer meet the ownership requirement?

Yes, Jindal Photo’s reverse book-building outcome met the 90% ownership condition under Regulation 21 of the Securities and Exchange Board of India (SEBI) Delisting Regulations, subject to acceptance of Rs 1,161 per share by the acquirers and persons acting in concert. Post-offer promoter and promoter-group ownership would be 92,70,255 shares, or 92.10% of 1,00,65,720 remaining shares.

The minimum holding required was 90,59,148 shares, equal to 90% of remaining shares. The projected post-offer holding is therefore 2,11,107 shares above the required level and 2.10 percentage points above the 90% threshold.

Before the offer, the promoter and promoter group held 76,12,143 shares, equal to 75.62% of remaining shares. Bids at or below Rs 1,161 accounted for 16,58,112 shares, or 16.47% of remaining shares, taking the reported ownership position to 92.10% if the discovered price is accepted.

What price did Jindal Photo’s reverse book-building process discover?

Jindal Photo’s reverse book-building process discovered Rs 1,161 per equity share following the November 2 to November 6, 2026 offer period. The offer was conducted on BSE Limited and the National Stock Exchange of India Limited.

The discovered price was Rs 41.50 above the Rs 1,119.50 floor price and Rs 41 above the Rs 1,120 indicative price. The filing does not state that the acquirers and persons acting in concert have accepted Rs 1,161; it says the offer is successful under Regulation 21 if they do so.

Jindal Photo received 320 successful bids for 16,80,649 shares, with bid prices ranging from Rs 1,119.50 to Rs 3,000 per share. Of those bids, 103 bids for 22,293 shares were above the discovered price, leaving 16,58,112 shares tendered at or below Rs 1,161 for the ownership calculation.

How did Jindal Photo’s tenders compare with the offer size?

Jindal Photo received successful tenders for 16,80,649 shares against an offer size of 26,46,183 shares. The successful tenders were therefore below the full offer size, but the 16,58,112 shares bid at or below Rs 1,161 were sufficient to move promoter ownership above the Regulation 21 threshold.

The filing reports that promoter and promoter-group ownership would increase from 76,12,143 shares before the offer to 92,70,255 shares after it. That post-offer total equals 90.37% of 1,02,58,326 issued equity shares and 92.10% of the 1,00,65,720 remaining-share base.

The difference between total issued and remaining shares reflects exclusions specified under Regulation 21. Jindal Photo reported 1,92,537 shares in the Investor Education and Protection Fund account and 69 shares held by inactive shareholders, while shares against overseas depository receipts and employee-benefit trusts were reported as nil.

Why were some Jindal Photo bids excluded from the outcome?

Jindal Photo excluded 244 physical-form bids because the required documents were not received. Those bids were not included in the 320 successful bids used for the November 6, 2026 reverse book-building result.

The filing also separates bids based on their price relative to Rs 1,161. The 22,293 shares in 103 bids above that price do not form part of the 16,58,112 shares counted toward the post-offer holding of 92,70,255 shares.

For shares that are unaccepted or rejected, the filing says the lien will be released in the respective demat accounts under Regulation 23. Payment to successful bidders applies only if the acquirers and persons acting in concert accept the Rs 1,161 discovered price.

What happens if Jindal Photo’s acquirers accept Rs 1,161?

If Jindal Photo’s acquirers and persons acting in concert accept Rs 1,161 per share, successful bidders will be paid under Regulation 24, applicable SEBI circulars and the settlement calendar of Indian Clearing Corporation Limited. The November 6 filing does not state a payment date.

Saffron Capital Advisors Private Limited, manager to the delisting offer, said a post-offer public announcement will disclose acceptance or rejection of the discovered price, the success or failure of the process, and any counter-offer. Regulations 17(4) and 22(4A) require that announcement in the newspapers used for the detailed public announcement.

Conclusion

Jindal Photo’s offer produced a Rs 1,161 discovered price and sufficient eligible tenders to raise projected promoter and promoter-group ownership from 75.62% to 92.10% of remaining shares. The resulting holding exceeds the 90% Regulation 21 minimum even though successful tenders of 16,80,649 shares were below the 26,46,183-share offer size.

The next disclosed event is the post-offer public announcement on whether the acquirers and persons acting in concert accept or reject Rs 1,161, and whether a counter-offer is made. If they accept, payment to successful bidders will follow the Indian Clearing Corporation Limited settlement calendar, while liens on unaccepted or rejected demat shares will be released.