Promoter bought 12,60,000 shares of this debt-free multibagger penny stock under Rs 2; Board likely to announce bonus shares & dividend
Following a recent share purchase by the promoters, their ownership increased to 2.76 per cent, while public ownership decreased slightly to 97.24 per cent.
IFL Enterprises Ltd, founded in 2009, is an Indian company that deals in two main areas: trading financial instruments like shares, stocks, and bonds, and trading various paper and stationery products. They offer a wide range of paper items including writing paper, coated paper, different paper sizes, copier paper, duplex board, art and craft paper, and notebooks.
IFL Enterprises Ltd informed that the meeting of the Board of Directors of the company is scheduled to be held on Wednesday, July 31, 2024, at the registered office of the company, inter-alia, to transact the following business items:
- bonus Shares: The management will be considering the issuance of bonus shares to the existing shareholders. This initiative is in line with our commitment to enhance shareholder value and reward our investors for their continued support.
- dividend Declaration: The management will also be considering the declaration of a dividend of up to 100 per cent on every equity share of the company for the financial year 2023-2024. This potential dividend declaration reflects the company’s strong financial performance and our dedication to delivering returns to our shareholders.
- To consider any other matter with the permission of the chairman.
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IFL Enterprises Limited has announced several developments demonstrating its strong commitment to growth. The company's promoter, Mr Nishant Subhash Chandra Gandhi, recently acquired 12,60,000 shares through open market transactions, signalling his confidence in the company's future and reaffirming his support for its strategic direction. The promoter has further plans to increase his stake by up to 7 per cent over the next six months, subject to regulatory approvals. Additionally, IFL Enterprises is expanding its operations into international trading of agro commodities, gemstones, and precious metals through its Dubai-based subsidiary, aiming to capitalize on global market opportunities and diversify its revenue streams. Importantly, the company has achieved a significant milestone by clearing all outstanding debts, solidifying its financial stability and positioning itself for sustainable growth.
Talking about the financials, IFL Enterprises has a market cap of Rs 132 crore. The company reported mixed sets of numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock gave multibagger returns of 145 per cent in 3 years and a whopping 275 per cent in 5 years. In March 2024, the company's ownership breakdown was 2.26 per cent held by promoters and 97.74 per cent by the public. Following a recent share purchase by the promoters, their ownership increased to 2.76 per cent, while public ownership decreased slightly to 97.24 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
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