Jindal Photo Limited has completed the dispatch of the Notice of Postal Ballot dated July 17, 2026, along with the explanatory statement and postal ballot forms to physical shareholders. The notices were sent to all members whose names appear in the Register of Members or List of Beneficial Owners as on the cut-off date of July 10, 2026. This communication seeks shareholder approval for the voluntary delisting of equity shares from BSE Limited and the National Stock Exchange of India Limited.

The company has also published advertisements regarding the postal ballot in newspapers. The notices appeared in the Financial Express (English Language) and Jansatta (Hindi Language) on July 19, 2026. The Board of Directors had previously approved the delisting proposal on July 16, 2026, fixing a floor price of ₹1,119.50 per equity share and an indicative offer price of ₹1,120 per share. The acquirers include Concatenate Power Advest Private Limited, Concatenate Advest Advisory Private Limited, and Jindal India Power Limited acting in concert.

Key Meeting and Voting Details

Ms. Pragnya Parimita Pradhan has been appointed as the scrutinizer for the postal ballot process. MUFG Intime India Private Limited will provide the remote e-voting services. The trading window for dealing in the company's securities remains closed for all connected persons, effective from July 13, 2026, until 48 hours after the conclusion of the board meeting.

The Board of Directors of Jindal Photo Limited has appointed M/s Bhumika & Co., Practicing Company Secretary, to conduct due diligence regarding the voluntary delisting of equity shares from BSE Limited and National Stock Exchange of India Limited. The appointment, made during a board meeting on July 01, 2026, is in accordance with Regulation 10(2) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. The firm holds a peer-reviewed certificate valid until May 31, 2031, and will submit its report pursuant to Regulation 10(3) of the regulations.

The delisting proposal involves acquirers Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited, along with Jindal India Power Limited acting as a Person Acting in Concert (PAC). They intend to acquire 26,46,183 fully paid-up equity shares, representing 25.80% of the total paid-up equity share capital. The Initial Public Announcement for this offer was dated June 29, 2026, with Saffron Capital Advisors Private Limited acting as the Manager to the Offer.

Key Delisting Details

The rationale for the delisting includes obtaining full ownership to enhance operational flexibility, saving compliance costs, and redirecting management time towards business operations. The floor price will be determined in accordance with Regulation 19A, while the final discovered price will be established through a reverse book building process. The success of the delisting is conditional upon shareholder approval via a special resolution where votes in favour must be at least two times the votes cast against it.