1:150 bonus share & Promoters bought 12,60,000 shares: Multibagger debt-free penny stock in focus as company bags new order worth Rs 61,43,42,414 from Reliance Industries Ltd
Importantly, the company has achieved a significant milestone by clearing all outstanding debts, solidifying its financial stability and positioning itself for sustainable growth.
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 Limited's subsidiary, Yamunashtakam Tradeventures Private Limited, has secured a substantial order worth Rs 61,43,42,414 from Reliance Industries Limited to supply construction materials for their Jamnagar plant. This significant development marks a major milestone for the subsidiary, demonstrating its capability to execute large-scale projects for industry leaders. With no existing shareholding in Reliance Industries Limited, this contract represents a new and promising partnership. The company anticipates further orders from Reliance in the upcoming quarter, which is expected to drive revenue growth and solidify its market position. This achievement underscores IFL Enterprises' commitment to delivering high-quality services and its strategic focus on expanding its client base within the industrial sector.
The company's Board of Directors has declared a bonus issue of equity shares in a ratio of 1:150. This means shareholders will receive one new equity share of Re 1 for every 150 existing equity shares held on the record date. The bonus shares are expected to be credited or dispatched within two months of the board meeting date, which is October 08, 2024, subject to shareholder approval.
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Share Capital Details: Pre-bonus issue paid-up share capital: Rs 745,406,207, comprising 7,44,06,207 equity shares of Re 1 each. Post-bonus issue paid-up share capital: Rs 75,03,75,581, comprising 75,03,75,581 equity shares of Re 1 each.
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. 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 85 crore. The company reported mixed sets of numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock gave multibagger returns of 110 per cent in 3 years and a whopping 340 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.