IFL Enterprises had made its stock market debut in March 2017. It has since then issued bonus shares twice and split the face value of equity shares once.
Stock Market News: Shares of IFL Enterprises on Monday rallied 17 per cent intraday after the company informed BSE that its board is likely to consider multiple corporate actions at the next meeting. As per a BSE filing, the board will meet on November 1 to consider and approve the declaration of dividend, issuance of bonus shares and also a share buyback program.
“The meeting of Board of Directors of the company is scheduled to be held on November 1 to transact the business items,” it said in a statement on BSE. “Share Buyback Proposal: The board will discuss and evaluate a proposal for a share buyback program up to 10% of paid-up capital and free reserves of the company. The proposed buyback price is upto Rs. 17 per share. This initiative aims to enhance shareholder value and optimize the capital structure,” the company said in a statement on BSE.
“Dividend Distribution: The board will consider the payment of interim dividends on the equity share capital of the company for the Financial Year 2023-2024. This payout is a testament to the company’s commitment to rewarding its investors,” it said.
“Bonus Share Issuance: The board will discuss the issuance of bonus shares to existing shareholders. This decision aims to further enhance shareholder equity and promote investor confidence,” the statement added.
IFL Enterprises is a paper trading firm. Its shares are among one of the top-performing small-cap stocks on Dalal Street that have delivered multibagger returns. The BSE-listed stock has given 50 per cent return in one year and 1100 per cent return in two years.
IFL Enterprises had made its stock market debut in March 2017. It has since then issued bonus shares twice and split the face value of equity shares once.