Earlier on November 1, with an aim to boost shareholders’ confidence, the board finalised the bonus issue of equity shares.
Stock Market News: Days after IFL Enterprises Limited informed exchanges about the distribution of bonus and dividend, the firm has said that its promoter has bought 11 lakh shares through open market transactions. The decision is a part of the promoter group’s move to increase stake in the company. Following the announcement, IFL shares today soared 5 per to Rs 6.80. Recently, IFL Enterprises had announced that promoters are looking at increasing the stake by 2 per cent to 9 per cent in a span of 12 to 18 months.
Earlier on November 1, with an aim to boost shareholders’ confidence, the board finalised the bonus issue of equity shares. Shareholders holding equity shares as of the Record Date, November 17, 2023, will be eligible to receive the bonus shares.
“The Board considered and recommended a bonus issue in the ratio of 1:10 i.e. 1 (One) New Bonus Equity Share for every 10 (Ten) existing fully paid up Equity Shares of Rs 1/- each, subject to approval by the members and any other applicable statutory and regulatory approvals through postal ballot,” it said.
“The bonus shares will be credited to those members who are holding the equity shares as on a Record Date i.e. November 17, 2023,” it added. Shareholders will also receive an interim dividend of 1 per cent.
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 573 per cent return in two years.