Image Source : FREEPIK Production of paper in a factory.
Multibagger stock IFL Enterprises has seen a sharp rebound ever since it announced a double bonanza of bonus shares and dividends. Post this, promoters have announced to increase stake by 2 per cent to 9 per cent in the next 4 to 6 quarters. According to a statement on BSE, the multibagger stock has announced that for every ten existing fully paid-up equity shares of Rs 1 each, shareholders will be granted one new bonus equity share. This strategic move aims to reward existing shareholders while also attracting new investors.
This is subject to approval by the members and any other applicable statutory and regulatory approvals, according to an exchange filing.
The firm in another filing said that the promoter has recently acquired a staggering 11 lakh shares through open market transactions.
After the announcement of the stake hike, IFL Enterprises shares witnessed a remarkable surge of 4.78 per cent. The stock ended at Rs 6.80.
The rally reflects the positive sentiment surrounding the recent announcements with investors responding enthusiastically.
In another related development, the board has also declared an interim dividend. The dividend is set at a rate of 0.1 per cent per equity share of Re 1 each.
The record date for bonus and dividend distribution has been established as November 17 (Friday).
The small-cap stock deals in the paper industry. Its shares have delivered a multibagger return of 573 per cent in two years.
Notably, the Modi government in the last nine years has taken a series of initiatives, including the establishment of packaging parks, to spur the growth of the packaging industry.
The rising demand for eco-friendly packaging solutions has also significantly contributed to the overall growth of MSMEs and the industry.
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