Jindal Photo Ltd's board has approved a proposal to delist the company's equity shares from stock exchanges, subject to shareholder approval. According to reports from CNBC TV18, the board took on record a floor price of ₹1,119.50 per share and an indicative price of ₹1,120 per share for the delisting offer. The prices were determined in accordance with Regulation 19A of the SEBI Delisting Regulations, based on the valuation report issued by ICON Valuation LLP.
The company has certified that it is in compliance with applicable securities laws and that the acquirers, along with the persons acting in concert and related entities, are compliant with applicable securities regulations. As reported by CNBC TV18, the board has certified that the proposed delisting is in the interest of public shareholders. The company has appointed MUFG Intime Private Limited, its Registrar and Transfer Agent, to provide e-voting services and related activities for the postal ballot process.
Shares of Jindal Photo Ltd ended at ₹1,130.45, down by ₹28.30, or 2.44%, on the BSE on Thursday (July 16). According to CNBC TV18, the board, after considering the due diligence report and other available information, approved the delisting proposal, subject to shareholder approval. The delisting refers to the permanent removal of a company's shares from a recognised stock exchange, meaning they can no longer be traded publicly.
