05 Dec , 2024 By : Debdeep Gupta
IGL share price jumped nearly 4 percent in the December 5 trade after the city gas distributor announced that the board will consider the proposal for a bonus share issue on December 10.
"This is to inform you that a meeting of the Board of Directors is scheduled to be held on December 10, 2024, inter-alia to consider the proposal for the issue of Bonus Shares to the equity shareholders of the Company in the ratio, as may be fixed, subject to the Shareholders' approval," a statement by the company said on December 4.
The bonus ratio has not been announced by the company and is likely to be declared on December 10.
IGL stock reacted sharply to the company's corporation action announcement and the shares were up 3.82 percent in the morning trade to hit an intraday high of Rs 374 per share on the NSE.
The scrip opened the gap up with a gain of 3.82 percent. At the time of publishing, the stock was trading at Rs 368.30 apiece, up 2.23 percent.
The gas distribution company had given an interim dividend of Rs 5 per share in November, and a final dividend in September.
Shares of IGL have taken a significant hit from the highs of the year to fall 12.65 percent so far this year. The benchmark Sensex moved 11.9 percent higher during the same period.
The shares saw a downtrend after the entre announced the decision to cut priority gas allocation to city gas distributors.
A reduced allocation in the APM means that the Centre has cut the supply of low-priced natural gas from old fields to city gas retailers.
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