IGL Board approves to issue 1:1 bonus share for shareholders

City gas distributor Indraprastha Gas Ltd. has announced the issue of bonus shares after its board meeting on Tuesday, December 10. The board will issue one bonus share for every share held as of the record date, which is yet to be determined. 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 Rs 10 into five shares which now have a face value of Rs 2.

Indraprastha Gas Limited (IGL) has become the first company among its peers to issue bonus shares to shareholders, as neither Mahanagar Gas nor Gujarat Gas has announced similar proposals in the past.

This decision comes during a period of significant decline in IGL's stock price, along with its peers, following a reduction in APM gas allocation for two consecutive months. In response to this situation, IGL, Mahanagar Gas, and Gujarat Gas all raised their prices; however, analysts believe the increase will not be sufficient to offset the shortfall.

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Shares of IGL are trading 1.4% higher on Tuesday at Rs 390.95. The stock is down 32% from its peak. However, it has seen a recovery of 25% from the November 21 low of Rs 306.

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