IGL shares rose 2.2% after the board approved the issuance of a bonus and a share dividend increase
Shares of Indraprastha Gas (IGL) rose 2.2 per cent in Tuesday’s trade, following its board’s approval of an authorized share capital increase and the issuance of a 1:1 bonus share.
Bonus release details
The company has announced the issue of bonus shares in the ratio of 1:1, which means that for every existing share of Rs 2, the shareholders will get one additional share. The move, which is expected to distribute profits in the form of additional dividends, aims to reward existing shareholders without cash outflows. The bonus shares will be issued within two months, and the deadline is scheduled for February 9, 2025.
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IGL’s board also approved a substantial increase in the company’s authorized share capital. The current share capital of Rs 22 crore, divided into 110 million equity shares of Rs 2 each, will be increased to Rs 1,000 crore, which will be divided into 5,000 million equity shares of Rs 2 each.
Market performance
At 2:35 PM, shares of IGL were up 1.65 percent at Rs 392 on the Bombay Stock Exchange (BSE), outperforming the BSE Sensex, which was down 0.28 percent at 81,282.53. The company’s market capitalization stands at Rs 27,447.03 crore. However, over the past year, IGL shares have lost 1.8 percent, while the Sensex has gained 16.5 percent.
IGL is a leading natural gas distribution company in India, specializing in the supply of compressed natural gas (CNG) and piped natural gas (PNG) to residential, commercial, and industrial customers. Established in 1998, it is a joint venture between GAIL (India) Ltd., BPCL, and the Government of Delhi.
