IGL Announces First-Ever Bonus Shares at 1:1 Ratio
A significant step for the city gas distributor (CGD), Indraprastha Gas Ltd. IGL announces its first bonus share issue. IGL’s board authorized the 1:1 issuance of bonus equity shares on Tuesday, December 10. This means that for each share that investors presently own, they will receive one more fully paid share.
The record date for this issue has not yet been announced by the firm. According to an exchange filing, IGL stated, “The Board of Directors approved the issuance of bonus shares in the ratio of 1:1, i.e., one bonus equity share of face value ₹2 for every existing equity share of the same face value held by eligible shareholders on the record date.”
Milestone Move by IGL
This is IGL’s first-ever announcement of bonus shares. The substantial ₹8,411.74 crore in free reserves of the corporation will be used to issue the bonus shares. In addition, the board authorized a substantial increase in authorized share capital, from ₹200 crore to ₹1,000 crore, to fund the bonus issuance.
Market Reaction and Stock Trends
IGL’s stock saw a minor increase after the announcement, peaking at ₹386.20 on the NSE, up 0.17%. In the early hours of the day, the stock rose 2.2% intraday to ₹394.30. A 52-week high of ₹570.35 on September 2, 2024, and a low of ₹306.10 on November 21, 2024, have been the high and low points of IGL’s shares this year.
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