IGL Shares Rise Over 3% On Bonus Issue Plan.
The IGL share price surged nearly 4 per cent in trade on December 5 after the city gas distributor said that the board would discuss the proposal for a bonus share issue on December 10. Shares of IGL have plummeted sharply from the year’s high to lose 12.65 per cent so far this year.
Leading city gas distributor (CGD) Indraprastha Gas Ltd (IGL) on Wednesday, December 4, said that it would discuss the issuance of a bonus share at its board meeting to be held on December 10, 2024. In this meeting, IGL’s board will finalize the record date of the bonus issue.
The bonus ratio has not been declared by the company and is likely to be declared on December 10. IGL stock reacted sharply to the corporation action announcement made by the company and shares were up 3.82% in the morning trade hitting an intraday high of Rs 374 per share on the NSE. The scrip opened the gap up with a gain of 3.82% and at the time of publishing, it was quoting at Rs 368.30 apiece, or up 2.23 per cent. It is very important.
“Trading window for trading in the shares of the Company will remain closed with effect from December 04, 2024, till the expiry of 48 hours from declaration of the outcome of the aforesaid Board Meeting,” stated IGL.
IGL has not declared any bonus issue; this will be its first bonus share issue to the shareholders. Bonus issues often are taken to be indicative of robust health in the finances and also increase investor confidence, enhancing liquidity in the stock. The announcement has created optimism in market participants about IGL’s stock performance in otherwise volatile markets.
