Jindal Photo Limited Approves Delisting Proposal Following Board Review
Jindal Photo Limited has received approval from its Board of Directors to proceed with a voluntary delisting proposal for its equity shares. The decision follows a comprehensive review of due diligence reports and share capital audits conducted in July 2026.The board meeting held on July 16, 2026, saw the consideration of a Due Diligence Report submitted by M/s Bhumika & Co. Additionally, the board took on record a Reconciliation of Share Capital Audit Report for the six-month period ending July 15, 2026.
Delisting Offer Valuation and Proposal Details
The Board acknowledged a letter from Saffron Capital Advisors Private Limited, the Manager to the Offer, which established the pricing framework for the delisting proposal. The evaluation was supported by a valuation report issued by ICON Valuation LLP.The following figures were established for the delisting offer:
| Metric | Value |
|---|---|
| Floor Price | Rs. 1,119.50 per Equity Share |
| Indicative Price | Rs. 1,120 per Equity Share |
Based on the Due Diligence Report and internal company information, the Board has approved the delisting proposal, subject to shareholder approval. The Board also certified that the company is in compliance with applicable securities laws and that the proposed delisting serves the interests of public shareholders.
Governance and Procedural Appointments
To facilitate the process, the Company appointed MUFG Intime Private Limited as the Registrar and Transfer Agent to manage e-voting and related activities for shareholders. Furthermore, Ms. Pragnya Parimita Pradhan was appointed as the scrutinizer to ensure a fair and transparent postal ballot process.The Board fixed July 10, 2026, as the cut-off date for distributing the Postal Ballot Notice to members whose names appear in the Register of Members or List of Beneficial Owners.
Ownership Structure and Due Diligence Findings
The due diligence conducted by M/s Bhumika & Co. analyzed shareholding patterns over a period from July 16, 2024, to July 15, 2026. The report confirmed that there were no changes in the shareholding of the Acquirers or the Person Acting in Concert (PAC) during this period.The current ownership structure is as follows:
| Category | Number of Equity Shares | Percentage (%) |
|---|---|---|
| Acquirers and PAC | 7,507,162 | 73.18 |
| Promoter (Other than Acquirer and PAC) | 104,981 | 1.02 |
| Public Shareholders | 2,646,183 | 25.80 |
| Total | 10,258,326 | 100.00 |
The Acquirers include Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited. Jindal India Power Limited is identified as the Person Acting in Concert (PAC) with a common objective regarding the delisting of equity shares.
Capital Structure Overview
As of July 15, 2026, the company maintains the following capital structure:| Particulars | Number of Shares | Nominal Value (Rs.) | Total Issued/Paid-up Capital (Rs.) |
|---|---|---|---|
| Equity | 1,02,58,326 | 10 | 10,25,83,260 |
| Preference | 6,64,00,000 | 10 | 66,40,00,000 |
| Total | 7,66,58,326 | 10 | 77,65,83,260 |
The listed equity capital of Rs. 10,25,83,260 is currently traded on both the National Stock Exchange (NSE) and BSE Limited.
JINDALPHOT Stock Price Movement
Shares of Jindal Photo Limited on Thursday slipped by 2.85% to settle at ₹1,123. The stock shed ₹33.00 during the session amid a total volume of 25,124 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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