Dividend stock to consider bonus shares, buyback next month. Share jumps 17%
Small-cap stock IFL Enterprises has informed Indian stock market bourses about its upcoming board meeting date being fixed on 1st November 2023. The dividend stock went on to add that board of directors of the company would consider and approve proposal for issuance of bonus shares, buyback of shares and interim dividend for the second quarter of current financial year. IFL Enterprises buyback price has been fixed at ₹17 apiece, which is around ₹4.70 per share higher from IFL Enterprises share price today.
After the outbreak of this stock market news, IFL Enterprises share price witnessed heavy buying interest among Dalal Street bulls. IFL Enterprises share price today opened upside and went on to hit intraday high of ₹13.25 apiece on BSE, logging an intraday gain of near 17 per cent within few minutes of stock market’s opening bell today.
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The small-cap stock informed about the board meeting date citing, “Pursuant to Regulation 29(1) of Securities Exchange board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we would like to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Wednesday 01st November, 2023 at the registered office of the Company.”
The small-cap stock went on to add that board of directors of the company would consider the proposals for bonus shares, buyback of shares and interim dividend for Q2FY24.
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IFL Enterprises buyback 2023
“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 small-cap company said.
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IFL Enterprises bonus shares
“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 small-cap company said.
IFL Enterprises dividend 2023
“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,” IFL Enterprises said.
The small-cap company went on to add that company board will also discuss joint venture proposal citing, “The board will deliberate on the collaboration with Charter Paper Pty Ltd, a strategic partner based in Australia to support the company’s upcoming operations.”
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Updated: 16 Oct 2023, 01:42 PM IST
