“A meeting of the board of directors of the company will now be held on January 12, 2015 to discuss and approve a Scheme of Arrangement between the Company (Jindal Photo Limited) and Jindal Poly Films Limited”, Jindal Photo said in a statement.
Earlier, on December 29, 2014, the board of directors of the both the companies had deferred the aforesaid matter for further consideration.
Jindal Photo has surged 5% to Rs 228 on BSE. The stock opened at Rs 223 and hit a high of Rs 235 so far.
Jindal Poly Films was up 2% to Rs 280, after hitting high of Rs 286 post announcements.