Dividend, bonus and buyback: Multibagger paper stock mulls triple bonanza for its investors

Multibagger Stock: IFL Enterprises, a leading paper trading firm, has announced that its board will likely consider and approve the proposals for the issuance of dividends and bonuses. Besides, a share buyback proposal will also be taken up by the board when it meets.

The company in an exchange filing said that it has the "board is scheduled to meet on November 1 (Wednesday) to transact the business items..."

"The board will discuss and evaluate a proposal for a share buyback program up to 10 per cent of paid-up capital and free reserves of the company. The proposed buyback price is up to Rs. 17 per share," it said in a statement.

On dividend distribution, it said that the board will consider the payment of interim dividend on the equity share capital of the company for the financial year 2023-2024.

Apart from this, the board will also discuss a proposal for the issuance of bonus shares to existing shareholders.

Meanwhile, IFL Enterprises shares zoomed more than 15 per cent during today's trade to hit an intraday high of Rs 13.25 apiece on BSE. 

According to BSE analytics, the scrip has climbed more than 50 per cent in the last one year. It has delivered an impressive return of more than 1,100 per cent in the last two years.

The stock has a 52-week range of Rs 16.90 - Rs 7.33. The company commands a market cap of Rs 277.43 crore as of October 16, according to the BSE website.

Based out of Delhi, IFL Enterprises is a fast-growing operator in the paper industry. It recently announced signing a strategic Memorandum of Understanding (MoU) with Australian paper products manufacturer Charter Paper Pty Ltd.