Jindal Photo Ltd Launches Voluntary Delisting Offer; Acquirers Target 25.8% of Public Shares

Jindal Photo Ltd Launches Voluntary Delisting Offer; Acquirers Target 25.8% of Public Shares​

Jindal Photo Limited is undertaking a voluntary delisting proposal following an Initial Public Announcement (IPA) dated June 29, 2026. The initiative involves the acquisition of public equity shares by a group comprising two acquiring companies and Jindal India Power Limited.

The delisting offer aims to acquire 26,46,183 fully paid-up equity shares, representing 25.80% of the paid-up equity share capital, from the public shareholders of the company. Following the successful acquisition, the company plans to voluntarily delist its shares from both BSE and National Stock Exchange of India Limited (NSE).

The acquiring entities in this proposal include Concatenate Power Advest Private Limited (Acquirer 1) and Concatenate Advest Advisory Private Limited (Acquirer 2), which are part of the promoter group. Jindal India Power Limited is designated as a Person Acting in Concert (PAC) for this purpose.

As per the announcement, Acquirer 1 currently holds 75,07,162 equity shares, representing 73.18% of the total issued Equity Share Capital. Collectively, the Promoters and the Promoter Group hold 76,12,143 equity shares, which accounts for 74.20% of the total issued Equity Share Capital.

Rationale Behind the Delisting​

The Acquirers and PAC cited several reasons for initiating the delisting proposal. These include obtaining full ownership of the Target Company to enhance operational flexibility and support strategic investment, saving compliance costs, and providing an exit opportunity to public shareholders.

Pricing Mechanism and Conditions​

Regarding the price, the floor price will be determined in terms of the relevant regulations. The discovered price will subsequently be set through a reverse book building process. The Acquirers and PAC have the sole discretion to accept or reject this discovered price, with a counter-offer option available within two working days following the closure of the bidding period.

The acquisition of equity shares from public shareholders is conditional upon meeting several prerequisites, including:

• Completion of Due Diligence by a Peer Reviewed Company Secretary.
• Approval of the Delisting Proposal by the Board of Directors.
• Receipt of approval from stock exchanges and any other necessary statutory or regulatory approvals.
• The shareholder approval of the Target Company via special resolution, ensuring that the number of votes cast in favor is at least two times the number of votes against.

The Acquirers and PAC confirmed that they have made firm financial arrangements to fulfill the payment obligations under the delisting offer.

JINDALPHOT Stock Price Movement​

Today, shares of Jindal Photo Limited rallied, closing at ₹1138.90 after gaining 6.62% in trading sessions. The equity saw a traded volume of 4,977 shares during the session.