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Shares of City Gas Distributor Indraprastha Gas Ltd. will be in focus on Tuesday, December 10, ahead of the company's board meeting to consider a bonus issue of shares.
This will be the first instance that the city gas distributor will be considering a bonus share issue for its shareholders.
IGL had earlier announced a stock split back in 2017, where it had divided one share which had a face value of ₹10 into five shares which now have a face value of ₹2.
With this, IGL has also become the first among its peers to issue bonus shares to its shareholders as neither Mahanagar Gas, nor Gujarat Gas have announced such proposals in the past.
The board meet comes amidst a sharp correction in IGL's stock price along with its other peers, after a reduction in APM gas allocation for two consecutive months.
In response, IGL, MGL and Gujarat Gas all hiked their prices, but analysts said that the quantum would not be enough to compensate for the shortfall.
Shares of IGL ended 0.7% higher on Monday at ₹386.65. The stock is down 32% from its peak. However, it has seen a recovery of 25% from the November 21 low of ₹306.
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This will be the first instance that the city gas distributor will be considering a bonus share issue for its shareholders.
IGL had earlier announced a stock split back in 2017, where it had divided one share which had a face value of ₹10 into five shares which now have a face value of ₹2.
With this, IGL has also become the first among its peers to issue bonus shares to its shareholders as neither Mahanagar Gas, nor Gujarat Gas have announced such proposals in the past.
The board meet comes amidst a sharp correction in IGL's stock price along with its other peers, after a reduction in APM gas allocation for two consecutive months.
In response, IGL, MGL and Gujarat Gas all hiked their prices, but analysts said that the quantum would not be enough to compensate for the shortfall.
Shares of IGL ended 0.7% higher on Monday at ₹386.65. The stock is down 32% from its peak. However, it has seen a recovery of 25% from the November 21 low of ₹306.
First Published: Dec 10, 2024 8:03 AM IST
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