Jindal Photo moves to reshape its capital structure

The final exit price was ₹1,161 per equity share, discovered through the reverse book-building process. Public shareholders tendered 16,80,649 shares across 320 successful bids. ^[1]

For delisting success, the relevant SEBI test is that the acquirer, promoter and persons acting in concert collectively hold more than 90% of the company’s issued equity shares after the offer. Post-offer holding reached 92.10%, exceeding the threshold by 2.10 percentage points; accordingly, the delisting was declared successful. ^[1]

As a separate participation check, the offer size was 26,46,183 public shares, making the 50% participation threshold approximately 13,23,092 shares. The 16,80,649 shares tendered therefore exceeded that level by approximately 3,57,557 shares, representing about 63.5% of the public shares. ^[2]

The promoter group’s gross cash outflow is approximately ₹19.51 Cr, calculated as:

• Shares accepted: 16,80,649 ^[1]
• Final exit price: ₹1,161 per share ^[1]
• Derived outflow: 16,80,649 × ₹1,161 = ₹1,951,233,489, or ₹19.51 Cr

This is the share purchase consideration only; transaction expenses, taxes and other delisting-related costs would be additional if borne by the promoter group.

Funding alignment: the cited material does not contain the funding-source section from the initial delisting offer document. Therefore, the ₹19.51 Cr requirement cannot be reconciled against disclosed sources such as internal accruals, promoter funds, bank financing or other arrangements. The relevant test is whether those disclosed sources covered at least ₹19.51 Cr plus expenses; that alignment could not be confirmed from the available initial-offer disclosure.

• Payment timeline: Consideration for the shares accepted from public shareholders is to be paid on or before 18 November 2026. ^[3]
• Delisting application: The formal application to delist Jindal Photo’s equity shares from BSE Limited and the National Stock Exchange of India Limited is scheduled to be made on or before 18 November 2026. The announcement confirms the offer’s success and sets this procedural deadline; it does not indicate that the application had already been completed as of the announcement. ^[4]