IGL board to consider issuing bonus shares, trading window to remain closed from December 4

The Indian natural gas producer Indraprastha Gas Limited (IGL) on Wednesday announced that it will hold a Board of Directors meeting on December 10 to consider issuing bonus shares to its equity shareholders.

The energy provider informed the stock exchanges that the board meeting will be held to consider a proposal for the issue of bonus shares in the ratio subject to the company’s shareholders’ approval.

The company further said in the exchange filing that the trading window for the company’s shares will be closed from December 4 until 48 hours after the board meeting’s decision is declared.

“This is to inform that meeting of the Board of Directors is scheduled to be held on December 10, 2024, inter-alia to consider the proposal for issue of Bonus Shares to the equity shareholders of the Company in the ratio, as may be fixed, subject to the Shareholders' approval. Trading window for dealing in the shares of the Company will remain closed with effect from December 04, 2024, till the expiry of 48 hours from declaration of outcome of the aforesaid Board Meeting,” the filing dated December 4 read.

As per BSE data, this will be the company’s first issue of bonus shares to its shareholders. In 2017, the company split its share of ₹10 into five shares of ₹2 apiece. The date of issuing the bonus has not been determined or disclosed yet.

Sales and operations

Last month, IGL announced a 20% reduction in its domestic gas allocation coming into effect from November 16. A similar reduction was announced in October as well. The reduced allocation is expected to impact IGL’s operations and sales, as per a CNBC-TV 18 report.

On November 25, IGL increased prices by ₹1.5 per kg to ₹4 per kg across various regions. However, no price increase was implemented in Delhi, the poll-bound region that accounts for 70% of the company's sales volume, the CNBC-TV 18 report added.

Shares of IGL ended 0.29% lower at ₹360.20 apiece on the NSE on Wednesday. The company’s market capitalisation stood at ₹25,214.03 crore.