 "Mukta Arts surges on plans to transfer cinema biz to new arm")
Mukta Arts is locked in upper circuit of 20% at Rs 102, also its 52-week high on the BSE, after the company said that it is planning to transfer its entire business of cinema division to its wholly-owned subsidiary Mukta A2 Cinemas.
"A meeting of the Board of Directors of the company will be held on September 29, 2016 to consider and approve the transfer of entire business of cinema division as a going concern to its newly formed wholly owned subsidiary Mukta A2 Cinemas Ltd," Mukta Arts, promoted by Subhash Ghai informed BSE.
The subsidiary, Mukta A2 Cinemas, will be created on a slump-sale basis through a business transfer agreement between the company and its subsidiary. The board will also approve the notice of postal ballot for the same.
The trading volumes on the counter jumped more than 9-fold with a combined 1.66 million shares changed hands till 10:17 am. There were pending buy orders 266,823 shares on the BSE and NSE.
"A meeting of the Board of Directors of the company will be held on September 29, 2016 to consider and approve the transfer of entire business of cinema division as a going concern to its newly formed wholly owned subsidiary Mukta A2 Cinemas Ltd," Mukta Arts, promoted by Subhash Ghai informed BSE.
The subsidiary, Mukta A2 Cinemas, will be created on a slump-sale basis through a business transfer agreement between the company and its subsidiary. The board will also approve the notice of postal ballot for the same.
The trading volumes on the counter jumped more than 9-fold with a combined 1.66 million shares changed hands till 10:17 am. There were pending buy orders 266,823 shares on the BSE and NSE.