Saregama India zooms on scheme of arrangement plan

The stock soared 20% to Rs 410 on the BSE.

Saregama India has soared 20% to Rs 410 on the BSE after the company announced plan for the scheme of arrangement involving demerger of publication division of its arm to the company.

“A meeting of the board of directors of the company will be held on December 28, 2015, to consider and approve the scheme of arrangement involving demerger of publication division of its wholly owned subsidiary Open Media Network Private Limited to the company,” Saregama India said in a BSE filing.

At 03:08 pm, the stock was up 16% at Rs 398 on the BSE. The trading volumes on the counter jumped multiple-fold with a combined 478,900 shares changed hands on the BSE and NSE.