Jindal Photo promoters launch delisting bid to take company private
Acquirers holding 74.20% offer to buy out the remaining 25.80% via reverse book-building. Floor price yet to be set; acquirers can reject final discovered price.
— 2 earlier stories on Jindal Photo Ltd. →What's new
- Promoters of Jindal Photo announce voluntary delisting offer for remaining 25.80% stake.
- Reverse book-building to discover price; acquirers retain right to reject final price.
- If successful, stock will be delisted from BSE and NSE.
Why this matters
A delisting removes liquidity and public market discipline. For a company with declining revenue and net loss in the latest quarter, promoters may see better value in going private. Minority shareholders now face uncertainty over exit pricing given the acquirers' discretion to walk away.
What we're watching
- Floor price to be determined under SEBI norms, key to shareholder value.
- Acquirers' decision on final discovered price, whether they accept or reject.
- Regulatory timeline compliance for reverse book-building.
The full read
Promoters already own 74.20% of Jindal Photo. Now they want the rest. The voluntary delisting offer targets 25.80% of the equity, 26,46,183 shares, via reverse book-building. If successful, the stock disappears from BSE and NSE. The floor price remains unknown. Even after the process, acquirers can reject the discovered price, giving them an escape hatch, not the minority. Jindal Photo is a micro-cap with trailing revenue down 14.8% and PAT down 79.7%; the latest quarter reported ₹0 in sales and a ₹1 crore net loss. Last month, the company extended preference-share redemptions by five years. The delisting bid fits a pattern of promoters tightening control. The key variable for public shareholders is the floor price and whether the acquirers are willing to pay it.
Questions answered
- What percentage of Jindal Photo is held by promoters?
- Promoters and persons acting in concert hold 74.20% of the equity.
- What percentage will be bought out?
- The offer covers 25.80% of the paid-up capital, representing 26,46,183 shares.
- How will the delisting price be determined?
- Through a reverse book-building process under SEBI regulations. The floor price will be set first, then the final discovered price emerges through bidding. The acquirers can accept or reject that price.
- What happens if the acquirers reject the discovered price?
- The delisting offer fails and the company remains listed. The promoters are not obligated to proceed.
- Is this the first time Jindal Photo has announced a delisting?
- Yes, this is the first public disclosure of an intention to voluntarily delist the company.
- What is the company's recent financial performance?
- Trailing revenue is down 14.8% and PAT down 79.7%. The latest quarter reported ₹0 sales and a ₹1 crore net loss.
Jindal Photo Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on JINDALPHOT →- 29 Jun 2026 · 3:27 PM IST Jindal Photo promoters launch delisting bid to take company private
- 31d ago Jindal Photo pushes preference-share redemptions back five years
- 34d ago Jindal Photo board to weigh changes to preference-share terms