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

Promoters propose voluntary exit from exchanges

Jindal Photo Limited has initiated a voluntary delisting process for its equity shares from the BSE and NSE. The offer has been made by Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, both part of the promoter group. Jindal India Power Limited is participating as a person acting in concert, or PAC. The acquirers intend to purchase all shares held by eligible public shareholders and remove the company from the stock exchanges. The proposal covers 26,46,183 equity shares, representing 25.80% of Jindal Photo’s paid-up equity share capital. The process is being conducted under the SEBI (Delisting of Equity Shares) Regulations, 2021. Shareholders who tender successfully will receive cash consideration at the final discovered exit price. The offer is intended to eliminate public shareholding and transfer ownership of the tendered shares to the acquirers.

Shareholder approval was secured in August

The delisting proposal was approved by Jindal Photo shareholders through a postal ballot on August 18, 2026. This approval was an important corporate step before the company could proceed with the exchange and regulatory process. The promoters subsequently sought in-principle approval from both stock exchanges for the proposed delisting. The company has stated that the required in-principle approvals have now been received. It has also dispatched the Letter of Offer to public shareholders. The Letter of Offer sets out the bidding process and the terms relevant to eligible shareholders. Public shareholders can use the reverse book-building process to tender their shares and indicate the price at which they are willing to exit. The final price will not automatically be the indicative price stated by the acquirers.

Floor price is set at ₹1,119.50 per share

The floor price for the delisting offer has been fixed at ₹1,119.50 per equity share. This price was determined using a valuation report prepared by ICON Valuation LLP. The acquirers have indicated ₹1,120 per share as the indicative price for the offer. The indicative price is only ₹0.50 above the floor price. However, the final exit price is to be discovered through reverse book-building. Under this mechanism, eligible public shareholders tender shares and submit bids at their chosen prices. The process is designed to establish the price at which the acquirers may acquire the required public shareholding, subject to the applicable delisting regulations. Shareholders should therefore distinguish between the floor price, the indicative price and the final discovered price.

Bidding window opens on November 2

The reverse book-building bid period is scheduled to begin on November 2, 2026, and close on November 6, 2026. October 21, 2026, has been specified as the date for identifying relevant public shareholders for the offer. Eligible shareholders may participate during the five-day bidding window in accordance with the Letter of Offer. Those who tender shares will be seeking a cash exit from the listed company. The consideration payable to successful tendering shareholders will depend on the discovered or exit price under the process. The announcement does not provide a final acceptance price because price discovery is yet to take place. Shareholders need to refer to the offer documentation for procedural requirements and tendering instructions. Saffron Capital Advisors Private Limited is acting as manager to the delisting offer.

BSE and NSE gave in-principle approvals

Jindal Photo received in-principle approvals from both BSE and NSE on October 21, 2026. The approvals were issued under the SEBI Delisting Regulations, 2021. BSE issued its approval under reference LOD/Delisting/SS/IP/970/2026-27. NSE issued its approval under reference NSE/LIST/C/2026/1179. The company disclosed receipt of these approvals under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The approvals allow the company to advance the proposed delisting process, but the reverse book-building stage remains central to price discovery. The Detailed Public Announcement was submitted to BSE on October 22, 2026. The Letter of Offer was subsequently submitted and dispatched on October 23, 2026.

Key terms of the Jindal Photo offer

Reverse book-building will determine the exit price

Reverse book-building is the mechanism specified for determining the price in this voluntary delisting proposal. Rather than fixing the final exit value at the outset, the process permits eligible public shareholders to tender shares at prices they choose. The bids received during the offer period are used for price discovery under the applicable framework. The ₹1,119.50 floor price establishes the minimum offer price disclosed for the process. The ₹1,120 indicative price signals the price indicated by the acquirers, but it is not described as the final exit price. The final outcome will depend on the reverse book-building process and the conditions prescribed by SEBI regulations. Shareholders who do not tender are not part of the stated cash-exit process during the bid period. The company’s disclosures focus on the offer mechanics rather than any market-price comparison.

What the proposal means for public shareholders

For public shareholders, the proposal provides an opportunity to tender shares for cash through the formal delisting mechanism. A shareholder who tenders successfully at the applicable exit price would cease to hold those shares in Jindal Photo. The promoters have stated their intention to acquire the entire public shareholding. If the delisting process is completed in accordance with the relevant requirements, Jindal Photo’s equity shares would no longer remain listed on BSE and NSE. That would end public-market trading in the company’s shares on these exchanges. The disclosures supplied do not state a completed transaction or a final discovered price. They instead set out the offer, the regulatory approvals, the floor and indicative prices, and the forthcoming bid period. Investors should treat the bid window as the immediate next stage in the announced process.

Market and governance context

Voluntary delisting is governed by SEBI’s framework for taking a listed company private through an offer to public shareholders. The framework requires disclosures, shareholder approval, exchange-level in-principle approvals and a price-discovery process where applicable. Jindal Photo has completed the shareholder vote and obtained the stated in-principle approvals from BSE and NSE. The dispatch of the Letter of Offer makes the process actionable for eligible public shareholders. No information on Jindal Photo’s share-price movement, trading volumes or financial performance was provided in the announcement material. As a result, no numerical conclusion on an immediate market reaction can be drawn from the disclosed facts. The available data instead centres on the public shareholding being targeted and the terms of the proposed exit. The November 2 to 6 bidding period will be the next disclosed event for shareholders considering participation.

Next steps in the delisting process

Jindal Photo’s delisting offer now moves to the reverse book-building stage. Eligible public shareholders have from November 2 through November 6, 2026, to tender their holdings under the offer process. The discovered exit price will be determined after bids are received and processed in line with the SEBI Delisting Regulations. The announced ₹1,119.50 floor price and ₹1,120 indicative price provide the disclosed pricing reference points ahead of bidding. The promoters’ stated objective is to acquire public shares and delist the company from both exchanges. The Letter of Offer remains the principal document for shareholders seeking operational details. The outcome will depend on the tendering and price-discovery process. Until then, the company remains at the offer stage of its voluntary delisting plan.