Indraprastha Gas Limited (IGL) has scheduled a board meeting on December 10, 2024, to discuss the possibility of issuing bonus shares to its equity shareholders, subject to shareholder approval.
The company's share price has experienced a decline, with a decrease of over 1% to ₹1,260.80. This decline is part of a larger trend where both IGL and Mahanagar Gas Limited (MGL) have seen their shares drop by more than a third from their yearly highs. The decrease in share prices can be attributed to the government's decision to reduce priority gas allocation to city gas distributors, which has had a negative impact on market sentiment.
According to the latest shareholding pattern, Bharat Petroleum Corporation Limited (BPCL) and GAIL India each hold a 22.5% stake in IGL. Despite these challenging market conditions, IGL announced an interim dividend of ₹5 per share in November, following a final dividend in September.