New Delhi, (PTI) Shares of production house Mukta Arts today surged 20 per cent following the company's plans to transfer its entire business of cinema division to its wholly-owned subsidiary Mukta A2 Cinemas.

The stock zoomed 19.96 per cent to settle at Rs 102.15 - its highest trading permissible limit for the day - on BSE. 

On NSE, it jumped 19.95 per cent to Rs 102.50 -- its upper circuit limit.

On the volume front, 3.98 lakh shares of the company were traded on BSE and over 12 lakh shares changed hand on NSE during the day.

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 yesterday.

"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," it said.

Mukta A2 Cinemas has 41 screens in India.