Multibagger stock of 2022 approves issuance of bonus shares

With a market valuation of Rs. 27.73 Cr., IFL Enterprises Ltd. is a small-cap company that operates in the commercial services industry. In addition to the business of acquisition, trading of shares, stocks, bonds etc the corporation also engages in the trade of various textiles and related goods. The company, which is also a fabric and textile trading firm with offices in Delhi, provides a wide range of products, including heavy fabrics and things that are linked to fabrics.

Today the company has informed BSE that “The Board of Directors has considered, approved and recommended issue of (1:1) One Bonus Share for every one equity share held by the equity shareholders of the Company. The bonus issue of equity shares is subject to the approval of the shareholders and any other applicable statutory and regulatory approvals, as may be required. The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared, if any, after the issue and allotment of such Bonus Shares.”

The Board also “Considered and approved the migration of company's present listing from SME Platform of BSE to the Main Board of BSE Limited, subject to the approval of the shareholders and any other applicable statutory and regulatory approvals, as may be required,” said the company in a BSE filing.

Key takeaways from bonus issue of IFL Enterprises as per the data of BSE

Bonus ratio: 1 (One) equity share of INR 10/- each fully paid up for every 1 (One) equity shares of INR 10/- each fully paid up held as on the record date to be determined.

Pre-bonus issue: paid-up share capital as of July 15, 2022 is INR 9,09,61,720/- divided into 90,96,172 equity shares of INR 10/- each.

Post-bonus issue: paid-up share capital would be -INR 18,19,23,440/- divided into 1,81,92,344 equity shares of INR 10/- each.

Free reserves and/ or share premium required for implementing the bonus issue: INR 9,09,61,720/-.

Free reserves and/ or share premium available for capitalization and the date as which such balance is available: As of July 15, 2022, securities premium account is INR 15,30,82,980/-.

Estimated date by which such bonus shares would be credited/dispatched: The Bonus shares will be credited/ dispatched within 2 months from the date of Board approval i.e., by September 14, 2022.

The shares of IFL Enterprises closed today at ₹92.35 level, down by 0.59% from its previous close. The stock has delivered a multibagger return of 267.93% in 1 year and on a YTD basis, the stock has generated a multibagger return of 289.66% so far in 2022. In the last 6 months, the stock has given a multibagger return of 179.43% and has managed to surge 11.87% in 1 month.