Promoter bought 12,60,000 shares of this debt-free multibagger penny stock under Rs 2: Company announces strategic business expansion – details inside!

The stock gave multibagger returns of 234 per cent in 3 years and a whopping 475 per cent in 5 years.

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 informed that the latest developments at the company underscore its commitment to growth. Here are the details:

Promoter Share Acquisition: The promoter of IFL Enterprises Limited, Mr Nishant Subhash Chandra Gandhi acquired 12,60,000 shares through open market transactions on June 4, 2024, for Rs. 1.83 per share. This acquisition reflects the promoter's confidence in the company's prospects and their ongoing support for its strategic vision.

Furthermore, the promoter has expressed an intention to acquire up to 7 per cent more of the company’s shares from the open market over the next six months. This planned acquisition will be carried out in compliance with all regulatory requirements and further demonstrates the promoter's commitment to the company’s long-term growth and success.

Business Expansion: In addition to the promoter's share acquisition, IFL Enterprises Limited is excited to announce its strategic expansion into new business ventures. The company is broadening its horizons by entering into the international trading of agro commodities, gemstones, and precious metals through its subsidiary based in Dubai. This diversification is aimed at leveraging global market opportunities and enhancing the company’s revenue streams.

Also Read: President of India’s portfolio sold 13,62,52,479 shares of this multibagger stock; Company signs MoU with India Infrastructure Finance Company Ltd

Debt Clearance: In a major milestone for IFL Enterprises Limited, we have successfully cleared all outstanding debts. This achievement demonstrates our commitment to financial stability.

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 234 per cent in 3 years and a whopping 475 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.