Letter of Offer for voluntary delisting: floor price ₹ 1,119.50 per share, bidding November 02-06
Jindal Photo has received the Letter of Offer for its voluntary delisting from BSE and NSE.
By ScoutQuest · · 3 min read
- Floor Price
- ₹ 1,119.50 per share
- Indicative Price
- ₹ 1,120 per share
- Shares Sought / Promoter Holding
- 26,46,183 Equity Shares (25.80% of paid-up capital); Promoter and Promoter Group hold 74.20%
What is being proposed
Jindal Photo Ltd has received a Letter of Offer dated October 22, 2026 for the voluntary delisting of its equity shares from BSE Limited and National Stock Exchange of India Limited. The offer is made by Concatenate Power Advest Private Limited (Acquirer 1) and Concatenate Advest Advisory Private Limited (Acquirer 2), together with Jindal India Power Limited as person acting in concert. The acquirers belong to the promoter group of the company. Through this offer they are inviting public shareholders to tender their shares. If the offer succeeds, the equity shares will be delisted from both exchanges.
Key offer terms
- Floor Price: ₹ 1,119.50/- per Equity Share
- Indicative Price: ₹ 1,120/- per Equity Share
- Equity Share face value: ₹ 10/- each
How many shares are involved
- The offer is to acquire 26,46,183 Equity Shares, representing 25.80% of the paid-up Equity Share Capital, from public shareholders
- Acquirer 1 holds 75,07,162 Equity Shares, or 73.18% of the total issued Equity Share Capital
- The Promoter and Promoter Group collectively hold 76,12,143 Equity Shares, or 74.20%
- Futuristic Trust, part of the Promoter group, holds 1,04,981 Equity Shares, or 1.02%
- Acquirer 2 and Jindal India Power Limited hold no Equity Shares in the company
How the process works
This is a reverse book-building offer. Instead of the company fixing a price, shareholders bid the price at which they are willing to sell. The discovered price is the price at which the acquirers' and promoters' shareholding reaches 90% of the total outstanding Equity Share Capital, and it cannot be lower than the Floor Price. Shareholders can bid through the Acquisition Window Facility of BSE or NSE using a stock broker registered on either exchange. Shareholders holding physical shares must fill and sign the Bid Form and submit it to their Seller Member.
Important dates in the schedule
- Bid opening date: November 02, 2026
- Last date for revision (upwards) or withdrawal of bids: November 05, 2026
- Bid closing date: November 06, 2026
- Last date for publication of the Independent Directors' recommendation: October 29, 2026
- Last date for announcement of a counter offer and of the Discovered Price or Exit Price, along with the acquirers' acceptance or rejection: November 11, 2026
- Proposed date of payment of consideration if the Discovered Price is higher than the Indicative Price: November 18, 2026
- Last date for return of Equity Shares where bids are not accepted or the offer fails: November 11, 2026
The schedule is tentative and the update states that all dates are subject to change depending on statutory and regulatory approvals.
Things shareholders may want to note
- All public shareholders, whether registered or not, are eligible to participate by submitting a bid on or before the Bid Closing Date; the Specified Date of October 21, 2026 is only for deciding who receives the Letter of Offer
- The update states that the acquirers and the person acting in concert make no assurance about the future financial performance of the company
- The update states that the offer process, and therefore payment or return of shares, may get delayed for reasons beyond the control of the acquirers and the company
- The update states that the amount received under the offer may be a taxable transaction, and advises shareholders to consult their own adviser
Who is managing the offer
Saffron Capital Advisors Private Limited is the Manager to the Delisting Offer, MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the Registrar, and Emkay Global Financial Services Limited is the registered broker through whom purchases and settlements would be made.
What this means in simple terms
A delisting offer gives public shareholders a formal exit route at a price discovered through bidding. The share price a shareholder receives depends on the bids submitted and on whether the acquirers accept the discovered price. Until the delisting is completed, the shares continue to be listed.
Also from Jindal Photo
Voluntary Delisting Offer at Floor Price of ₹1,119.50 per Share
23 Oct 2026
Delisting offer announced at a floor price of ₹ 525 per equity share
22 Oct 2026
Receives in-principle approval for voluntary delisting from BSE and NSE
21 Oct 2026
More numbers
- Floor price per Equity Share₹ 1,119.50/-
- Indicative price per Equity Share₹ 1,120/-
- Equity Shares sought from public shareholders26,46,183 Equity Shares
- Shares sought as % of paid-up capital25.80%
- Acquirer 1 holding75,07,162
- Acquirer 1 holding as % of issued capital73.18%
- Promoter and Promoter Group holding76,12,143
- Promoter and Promoter Group holding percentage74.20%
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