Jindal Photo Limited will convene a board meeting on Thursday, July 16, 2026, to consider a voluntary delisting proposal. The proposal follows an initial public announcement dated June 29, 2026, submitted by Saffron Capital Advisors Private Limited on behalf of Concatenate Power Advest Private Limited and Concatenate Advest Advisory Private Limited. The acquirers, part of the promoter group, intend to acquire all equity shares held by public shareholders and delist the equity shares from BSE Limited and the National Stock Exchange of India Limited.

The board meeting agenda includes several key regulatory requirements. Directors will consider the due diligence report of a practising company secretary and the reconciliation of share capital audit report. They will also determine the floor price and indicative offer price based on a registered valuer report. Additionally, the board will consider appointing a scrutinizer for the postal ballot process and approve the draft postal ballot notice.

Trading Window Closure

The trading window for dealing in the company's securities remains closed for all connected persons, officers, designated employees, insiders, and directors. This closure, effective from July 13, 2026, will continue until 48 hours after the conclusion of the board meeting. The company had previously closed the trading window on July 1, 2026, which will remain shut until 48 hours after the adoption of the unaudited financial results for the quarter ended June 2026.

Key Meeting Details

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.