Date: June 29, 2026

Delisting Proposal Details

Jindal Photo Limited has received an Initial Public Announcement dated June 29, 2026, from Saffron Capital Advisors Private Limited as Manager to the Offer, expressing the intention of Concatenate Power Advest Private Limited (Acquirer 1), Concatenate Advest Advisory Private Limited (Acquirer 2), and Jindal India Power Limited as Person Acting in Concert to voluntarily delist the company's equity shares from BSE and NSE.

Shareholding Structure

  • Acquirer 1 holds 75,07,162 equity shares (73.18% of total issued equity share capital)
  • Acquirer 2 holds Nil equity shares
  • Promoter and Promoter Group collectively hold 76,12,143 equity shares (74.20% of total issued equity share capital)
  • Public shareholders hold 26,46,183 equity shares (25.80% of paid-up equity share capital)
  • Total paid-up equity share capital: ₹10,25,83,260 divided into 1,02,58,326 equity shares of face value ₹10 each

Rationale for Delisting

The delisting proposal aims to:

  • Obtain full ownership of the Target Company for enhanced operational flexibility
  • Save compliance costs and reduce management time dedicated to listing requirements
  • Provide an exit opportunity to public shareholders of the Company

Conditions and Process

The delisting offer is conditional upon:

  • Completion of Due Diligence by a Peer Reviewed Company Secretary
  • Board approval of the Delisting Proposal
  • Shareholder approval by special resolution with public shareholder voting requirement
  • Stock Exchange and regulatory approvals
  • Acceptance of discovered price through reverse book building process
  • Sufficient equity shares being tendered to make the offer successful

Price Determination

  • Floor price will be determined in accordance with Regulation 19A of Delisting Regulations
  • Discovered price will be determined through reverse book building process
  • Acquirers and PAC have discretion to accept/reject discovered price or make counter-offer
  • The price must result in Acquirers and PAC reaching 90% of total issued equity share capital excluding specific excluded shares

Undertakings and Confirmations

Acquirers and PAC confirm:

  • They have not sold equity shares during the 6 months prior to this announcement
  • They will not employ any fraudulent devices, schemes, or practices during the delisting process
  • They have made firm financial arrangements for fulfilling payment obligations
  • They accept full responsibility for the information contained in the announcement

Manager to the Offer

Saffron Capital Advisors Private Limited

605, Center Point, 6th floor, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai - 400059

SEBI Registration Number: INM000011211

Validity of Registration: Permanent