Jindal Photo slumps after delisting offer

Jindal Photo hit a lower circuit limit of 5% at Rs 312.45 after the company's promoters offered to delist the firm's shares from the stock exchanges.

Soyuz Trading Company, one of the members of promoter and promoter group of Jindal Photo, has offered to voluntarily delist the company's equity shares from National Stock Exchange of India (NSE) and BSE.

The acquirer has offered to acquire 27,98,511 equity shares, representing 27.28% of the total paid up equity share capital of the company from the public shareholders.

The floor price for the delisting offer has been determined as Rs 268.04 per equity share. The indicative price for the delisting offer has been determined as Rs 269 per equity share.

The indicative price is at 16.15% discount to the ruling market price.

All public shareholders can tender their offer shares during the bid period. The bidding will take place between 17th March and 24th March 2022. Bids can be placed only during normal trading hours of the secondary market.

On 28 March 2022, the company will disclose exit price and the acquirer's acceptance or non-acceptance of the exit price. It will disclose the counter offer, if any, on the same day.

As on 31 December 2021, promoters held 72.72% stake in Jindal Photo.

Jindal Photo is presently engaged in the business of holding strategic investment in the shares of group companies.

On a consolidated basis, Jindal Photo reported net profit of Rs 3.14 crore in Q3 December 2021 as against net loss of Rs 0.94 crore in Q3 December 2020. Total income surged to Rs 4.20 crore in Q3 December 2021 as against Rs 0.05 crore in Q3 December 2020.

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