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Jindal Photo, Jindal Poly Films surge on merger plan

Shares of Jindal Photo and Jindal Poly Films have surged up to 5% on the bourses on merger plan.

“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.
 

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