Jindal Photo Limited Board Approves Voluntary Delisting Proposal

Jindal Photo Limited Board Approves Voluntary Delisting Proposal​

Jindal Photo Limited has received approval from its Board of Directors to proceed with a voluntary delisting proposal for its equity shares from the National Stock Exchange (NSE) and BSE Limited. The decision follows a comprehensive review of a Due Diligence Report and a Reconciliation of Share Capital Audit Report, both issued on July 16, 2026, by M/s Bhumika & Co.

The delisting initiative stems from an announcement made on June 29, 2026, where Concatenate Power Advest Private Limited (Acquirer 1) and Concatenate Advest Advisory Private Limited (Acquirer 2), along with Jindal India Power Limited as a Person Acting in Concert (PAC), expressed their intention to acquire 2,646,183 fully paid-up equity shares. This represents approximately 25.80% of the public shareholding of the company.

Financial Pricing and Valuation​

The Board acknowledged that Saffron Capital Advisors Private Limited, acting as the Manager to the Offer, has established a Floor Price and an Indicative Price for the delisting offer. These figures were determined based on a valuation report issued by ICON Valuation LLP.

Board Approvals and Certifications​

The Board approved the delisting proposal subject to shareholder approval and certified that the company is in compliance with applicable securities laws. The board further certified that:

• The Acquirers, PAC, and related entities are in compliance with security laws as per the Due Diligence Report.
• The proposed delisting is in the interest of public shareholders.

To facilitate the process, the Board appointed MUFG Intime Private Limited as the Registrar and Transfer Agent to manage e-voting services. Additionally, Ms. Pragnya Parimita Pradhan was appointed as the scrutinizer for the postal ballot process.

Shareholding Structure​

The current capital structure reflects a significant holding by the Promoter Group and Acquirers. As of July 15, 2026, the ownership breakdown is as follows:

Operational Timeline and Procedures​

The Board has set July 10, 2026, as the cut-off date for distributing the Postal Ballot Notice to all members of the Company. The company has authorized its Company Secretary and any Director to sign and issue all necessary documents related to the resolutions sought via postal ballot.

The review of the shareholding data confirms that there were no changes in the shareholding of the Acquirers, PAC, and their related entities during the Due Diligence Period (July 16, 2024, to July 15, 2026). The report also verified that the Acquirers and PAC have no direct or indirect connections with the top twenty-five public shareholders.

JINDALPHOT Stock Price Movement​

Jindal Photo Limited shares tumbled by 2.85% today to settle at ₹1,123.00 in post-market trading. The stock shed ₹33.00 from its previous close on a total volume of 25,124 shares.