IFL Enterprises board approves stock split, bonus issue

IFL Enterprises on Friday announced that its board has approved 10-for-1 stock split and 1:4 issue of bonus shares.

The firm's board has approved sub-division of one equity share having face value of Rs 10 each into 10 equity shares having face value of Re 1 each, subject to the approval of shareholders to be obtained by postal ballot and other approvals as may be required.

The record date for the sub-division of equity shares shall be decided by the board and will be intimated to the exchanges, said the company.

IFL Enterprises stated that the rationale behind the split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

The firm added that the sub-division is expected to be completed within two months from the date of members approval.

The company's board has also approved issuing one bonus equity share for every four existing equity shares held on record date.

The firm said it would credit/dispatch bonus shares within two months from the date of the board meeting.

IFL Enterprises is involved in the business of acquisition, trading of shares, stocks, bonds etc. It also carries on the business of all kinds of fabrics and other similar products.

The company reported a net loss of Rs 0.15 crore in the quarter ended December 2022 as against net loss of Rs 2.36 crore during the previous quarter ended December 2021. Sales declined 12.28% to Rs 0.50 crore in Q3 FY23 over Q3 FY22.

Shares of IFL Enterprises declined 0.45% to Rs 153.90 on the BSE.

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