Jindal Photo delisting: timeline, ₹1,119.50 floor price

What the company has announced

Jindal Photo Limited has moved ahead with its voluntary delisting proposal by completing the dispatch of its postal ballot notice to shareholders. The company informed the exchanges that the Notice of Postal Ballot dated July 17, 2026, along with the explanatory statement and forms for physical shareholders, has been sent. The proposal seeks shareholder approval to delist the company’s equity shares from BSE Limited and the National Stock Exchange of India Limited (NSE). The communication covers members whose names appeared in the Register of Members or the List of Beneficial Owners as on the cut-off date of July 10, 2026. Alongside dispatch, the company also indicated publication of a newspaper advertisement related to the postal ballot process under Regulation 30 of SEBI (LODR) Regulations.

Board approval and the delisting proposal

The formal process follows a board meeting held on July 16, 2026, where the Board of Directors approved the voluntary delisting proposal, subject to shareholder approval. The board took on record due diligence and audit reports in July 2026 and stated that it had reviewed the relevant reports and available information before approving the proposal. The company also stated that it is executing the delisting in line with the SEBI (Delisting of Equity Shares) Regulations, 2021. As part of the board outcome, Jindal Photo fixed a floor price and an indicative price for the delisting offer, which are central reference points for public shareholders assessing the proposal.

Key prices: floor price and indicative price

Jindal Photo fixed the floor price for the delisting offer at ₹1,119.50 per equity share. The company also disclosed an indicative offer price of ₹1,120 per share, while noting in the provided text that this is “not formally declared” as a final exit price. The floor price was determined in accordance with Regulation 19A of the SEBI Delisting Regulations, based on a valuation report issued by ICON Valuation LLP. The valuation report referenced is dated July 16, 2026, signed by Mr. Aseem Mankodi, Partner, with the IBBI registration details included in the company’s communication.

Promoter group and the initial public announcement

The delisting proposal traces back to an initial public announcement dated June 29, 2026. As per the information provided, the promoter group entities Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, along with Jindal India Power Limited acting as a person acting in concert (PAC), expressed their intention to voluntarily delist. The stated intent was to acquire all equity shares held by public shareholders and consequently delist the equity shares from BSE and NSE through a delisting offer under the regulations.

Postal ballot and e-voting: how shareholders can participate

The company has structured shareholder approval through a postal ballot process, including remote e-voting. Remote e-voting is scheduled to begin on July 20, 2026 at 9:00 AM IST and close on August 18, 2026 at 5:00 PM IST. Shareholders can vote electronically through NSDL or CDSL systems or via their depository participants, and physical shareholders can use postal ballot forms. The e-voting module is stated to be available at https://instavote.linkintime.co.in/. The company also indicated that the resolution, if passed, will be deemed passed on August 18, 2026.

Roles appointed for the process

To facilitate the postal ballot and voting process, Jindal Photo appointed MUFG Intime Private Limited (also referred to in the provided text as MUFG Intime India Private Limited) as the Registrar and Transfer Agent for remote e-voting and related activities. The company also appointed a scrutinizer for the postal ballot process, named in the provided text as Ms. Pragnya Parimita Pradhan. These appointments are part of the standard framework for conducting postal ballots and verifying voting results.

Conditions attached to a successful delisting

The delisting is subject to multiple conditions under the SEBI (Delisting of Equity Shares) Regulations, 2021 and the company’s stated process steps. A key requirement is approval by special resolution through the postal ballot. Another condition highlighted is a separate public shareholder voting threshold: votes cast by public shareholders in favour must be at least two times the votes cast against the resolution. The process also contemplates the discovered price mechanism and notes that acquirers may accept the discovered price or provide a counter offer. Additional conditions listed include sufficient equity shares being tendered to make delisting successful, obtaining necessary regulatory and statutory approvals, and receiving approvals from relevant third parties, including lenders.

Stock price references reported around the announcement

The provided text includes multiple price points reported for Jindal Photo shares around the period of disclosures. One update states the stock slipped 2.85% to settle at ₹1,123, shedding ₹33 during the session, with a total volume of 25,124 shares. Another update states shares ended at ₹1,130.45, down by ₹28.30 or 2.44% on the BSE. Separately, a snapshot lists “Jindal Photo live price: ₹1,061.10” as of July 31, 2026, 3:47 PM IST, and another line reports ₹1,061 as of July 31, 2026, 21:40. These are presented as reported figures in the supplied material.

Summary table: dates, prices, and process milestones

Market impact and what investors typically track

The disclosures bring the delisting process into a defined voting and timetable phase, which is often a key point for investors to track. The floor price of ₹1,119.50 and the indicative price of ₹1,120 set reference levels, while the final exit price will be determined through the SEBI-compliant process described in the communications. Investors also tend to monitor the voting outcome timelines, particularly the closing of the e-voting period on August 18, 2026 and the stated deadline for result declaration on or before August 20, 2026. Reported market moves around the board approval included declines in the stock price on the day, as captured in the provided price and percentage change figures.

Conclusion

Jindal Photo has completed dispatch and publication steps for its postal ballot as it seeks shareholder approval for voluntary delisting from BSE and NSE. The proposal sets a floor price of ₹1,119.50 per share, with remote e-voting scheduled through August 18, 2026. The company has also laid out the voting and regulatory conditions that must be met for the delisting to proceed. The next confirmed milestone is the conclusion of the voting window, followed by declaration of results on or before August 20, 2026.