Multibagger stock announces bonus and dividend; fixes record date
This small-cap stock, operating in the paper industry, has delivered remarkable returns of approximately 600% in the past two years.
Bonus and dividends are corporate events that listed companies on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) announce in a bid to reward their investors. The year 2023 has seen a flurry of such announcements. IFL Enterprises, which is a multibagger stock, has also announced a double bonanza for its investors.
According to a BSE filing, the multibagger stock has declared a bonus issuance of equity shares. The bonus shares will be issued in the ratio of 1:5, meaning one extra fully paid-up share will be given to each shareholder for every five equity shares they hold on the record date.
"The board considered and recommended a bonus issue in the ratio of 1:5 i.e. 1 (One) New Bonus Equity Share for every 5 (Five) existing fully paid-up equity shares of Rs 1 each, subject to approval by the members and any other applicable statutory and regulatory approvals," according to an exchange filing.
The bonus shares will be credited to those members who are holding the equity shares as of a record date, i.e. November 17, 2023.
Besides, the firm has also announced plans to pay a 1 per cent dividend. The record date for the purpose of payment of the interim dividend is fixed as November 17 (Friday), as per a statement by the company on BSE.
The small-cap stock deals in the paper industry. Its shares have delivered a multibagger return of around 600 per cent in two years.
Notably, the Modi government in the last nine years has launched a series of initiatives, including the establishment of packaging parks, to spur the growth of the packaging industry. The rising demand for eco-friendly packaging solutions has also significantly contributed to the overall growth of MSMEs and the industry.