IFL Enterprises shares rebound ahead of board meeting; promoter to raise stake

Shares of IFL Enterprises Ltd rebounded about 9 per cent during the trading session on Wednesday. The company board of directors of IFL Enterprises scheduled to meet on Tuesday, October 31, to consider and approve the results for the quarter and half-year ended on September 31, 2023.

The stock opened at Rs 7.77, its day's low, but surged about 9 per cent to Rs 8.46 during the day, before giving up its gains partially. The scrip had settled at Rs 8.13 in the previous trading session. The stock jumped more than 4 per cent from its closing price on Monday.

The BSE-listed company also announced its intention of its promoters to acquire an additional stake in the company through open market transactions. The promoter and/or the promoter group intends to acquire a stake ranging from 2-9 per cent of the total equity share of the company in a span of 12 to 18 months, said the company through an exchange filing.

"The decision to acquire an increased stake in the company reflects the promoter group's confidence in IFL Enterprises' future prospects, business strategies, and performance. It also underscores their commitment to contributing to the sustained growth and financial stability of the company," it said in the filing.

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The board of IFL Enterprises will again meet on Wednesday, November 1, to consider proposals for issue of bonus shares, dividend shareholders and a share buyback of its shares from its existing shareholders. New Delhi-based IFL Enterprises is engaged paper trading business.

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