Mukta Arts rallies ahead of board meeting to consider transfer of cinema business to subsidiary

NEW DELHI: Mukta Arts rallied as much as 14.3 per cent in the first 30 minutes of trade on Tuesday after the company said in a release to the stock exchanges that it was planning to transfer its entire cinema division to its wholly-owned subsidiary Mukta A2 Cinemas.

At 09:30 AM, shares of Mukta Arts were trading 12.7 per cent higher at Rs 96. They hit a low of Rs 92 and a high of Rs 97.40 in the first 30 minutes of trade.

The company will hold a board meeting on September 29 to consider and get approval for slump sale through a business transfer agreement, Mukta Arts informed BSE.

"A meeting of the board of directors of the company will be held on September 29 to consider and approve the transfer of the entire business of cinema division as a going concern to its newly-formed wholly-owned subsidiary Mukta A2 Cinemas," it said.