Key Quantitative Figures

  • Total Equity Shares: 1,02,58,326 shares of face value ₹10 each
  • Public Shareholding: 26,46,183 shares (25.80% of paid-up capital)
  • Promoter & Promoter Group Holding: 76,12,143 shares (74.20%)
  • Floor Price: ₹1,119.50 per equity share
  • Indicative Price: ₹1,120 per equity share
  • Offer Consideration: ₹296.37 crore (based on indicative price)
  • Escrow Amount: ₹296.37 crore deposited with HDFC Bank

Dates of Action

  • Initial Public Announcement: June 29, 2026
  • Board Approval: July 16, 2026
  • Shareholder Approval (Postal Ballot): August 18, 2026
  • BSE/NSE In-principle Approval: October 21, 2026
  • Detailed Public Announcement: October 22, 2026
  • Specified Date: October 21, 2026
  • Bid Opening Date: November 2, 2026
  • Bid Closing Date: November 6, 2026
  • Last Date for Revision/Withdrawal: November 5, 2026
  • Last Date for Counter Offer: November 11, 2026
  • Payment Date: November 18, 2026 (if discovered price > indicative price)

Parties Involved

Acquirers:

  • Concatenate Power Advest Private Limited (Acquirer 1) - holds 75,07,162 shares (73.18%)
  • Concatenate Advest Advisory Private Limited (Acquirer 2) - holds nil shares

Person Acting in Concert:

  • Jindal India Power Limited (PAC) - holds nil shares

Manager to Offer:

  • Saffron Capital Advisors Private Limited

Registrar to Offer:

  • MUFG Intime India Private Limited (formerly Link Intime)

Buying Broker:

  • Emkay Global Financial Services Limited

Registered Valuer:

  • ICON Valuation LLP (IBBI Registration No. IBBI/RVE/06/2019/107)

Peer Reviewed Company Secretary:

  • M/s Bhumika & Co. (Certificate No. 8009/2026)

Purpose/Rationale

As stated in Regulation 8(3)(a) of Delisting Regulations:

  • Obtain full ownership providing enhanced operational flexibility
  • Save compliance costs and reduce management time dedicated to listing requirements
  • Provide exit opportunity to public shareholders

Process Details

The delisting offer will be implemented through:

  • Reverse book building process via Acquisition Window Facility on BSE and NSE
  • Bidding through registered stock brokers during market hours
  • Physical shareholders must submit share certificates and transfer deeds
  • Settlement through secondary market mechanism

Conditions for Success

  • Minimum acceptance condition: Acquirers' shareholding must reach 90% of total issued shares
  • Acquirers must accept discovered price or make counter offer
  • Regulatory approvals must be obtained

Financial Impact

  • Maximum financial outflow: ₹296.37 crore if all public shares acquired at indicative price
  • Actual outflow will depend on discovered price through reverse book building
  • Funds available in escrow account: ₹296.37 crore

Capital Structure Impact

  • Pre-offer capital: 1,02,58,326 equity shares
  • Post-delisting expected capital: 1,02,58,326 shares held 100% by Promoter & Promoter Group
  • No change in total shares outstanding

Taxation Note

  • STT will be applicable as transaction through stock exchanges
  • Short-term capital gains taxed at 15% for shares held <12 months
  • Long-term capital gains taxed at 10% for shares held >12 months (without indexation benefit for non-residents)
  • Shareholders advised to consult tax advisors

Documents Available for Inspection

  • Initial Public Announcement dated June 29, 2026
  • Valuation Report dated July 16, 2026
  • Board resolution dated July 16, 2026
  • Due diligence report dated July 16, 2026
  • Postal ballot results dated August 18, 2026
  • Escrow agreement dated August 6, 2026
  • BSE/NSE in-principle approvals dated October 21, 2026
  • Independent directors' recommendations

Risk Factors

  • Offer process may be delayed beyond scheduled dates
  • No assurance regarding future financial performance of Target Company
  • Tax consequences for shareholders accepting offer
  • Delisting offer subject to completion risks