INOX Leisure surges 10% ahead of board meeting

INOX Leisure surged as much as 10.34% to intraday high of Rs 54.40 on Friday ahead of board meeting for amalgamation of Fame India and its owned subsidiaries with itself.

Yesterday in a release sent to BSE, company said, "Meeting of the board of directors of the company will be held on June 15, 2012, to consider amalgamation of Fame India Limited and its existing wholly owned subsidiaries (namely, Fame Motion Pictures Limited, Big Picture Hospitality Services Private Limited and Headstrong Films Private Limited) with the company."
 
At 10:52 hours IST, the share was trading at Rs 52.20, up 5.88%. Market capitalisation of the company stands at Rs 323.09 crore.
 
Even its trading volumes increased 220% to 36,512 shares as compared to its 5-day average of 11,296 shares.