content: SECURITIES AND EXCHANGE COMMISSION
  
                       Washington, D.C.  20549
  
                 __________________________________
  
                              FORM 8-K
                 __________________________________
  
  
                           CURRENT REPORT
  
  
               Pursuant to Section 13 or 15(d) of the 
                   Securities Exchange Act of 1934
  
                 Date of Report:  February 27, 1996
  Date of Event (or earliest event) being reported:  February 27, 1996
  
                      IPALCO ENTERPRISES, INC.
       (Exact name of registrant as specified in its charter)
  
  
                 Indiana              1-8644              35-1575582
     (State or other jurisdiction     (Commission         (IRS Employer
           of incorporation)          File Number)        Identification No.) 
  
  
          One Monument Circle, Indianapolis, Indiana  46204
        (Address of principal executive offices)  (Zip Code)
  
  
  Registrant's telephone number, including area code:  (317) 261-8261
  <PAGE>
  Item 5.  Other Event
  
       IPALCO Enterprises, Inc. issued the following press release on
  February 27, 1996, relating to the declaration of a stock distribution in
  the form of a three-for-two split of its outstanding common stock:
  
                 Media:    Marni Lemons
                           317-261-8219   
                           email: mlemons@ipalco.com 
  
                 Investor: Jennifer Kent
                           317-261-8259
                           email: jkent@ipalco.com  
  
       IPALCO Declares 3-for-2 Stock Split, Raises Dividend   
  
  INDIANAPOLIS, February 27, 1995 -- The Board of Directors of IPALCO
  Enterprises Inc. declared a three-for-two stock split today and raised
  the annual indicated dividend six cents per share on a pre-split basis.  
  
  The annual indicated dividend level rose from $2.16 per share to $2.22
  per share, pre split, and from $1.44 to $1.48 on a post-split basis.  
  
  "We were extremely pleased with the financial performance of the company
  in 1995," IPALCO Chairman and President John R. Hodowal said. "The stock
  split and increased dividend also signal our confidence in IPALCO's
  future."  
  
  As a result of the split, the Board of Directors believes IPALCO's stock
  will become more affordable for individual investors who represent over
  60 percent of IPALCO's shareholder base.  
  
  "Important to small investors and large investors alike, the greater
  number of shares may reduce  price fluctuations that sometimes occur
  because of large block trading," Hodowal said.  
  
  Shareholders of record March 7, 1996, will be entitled to receive one
  additional share for each two shares then owned.  The new shares will be
  issued and mailed on or about March 18, 1996.   
  
  IPALCO Enterprises, Inc. is a multi-state energy company providing a
  variety of energy products and services. IPALCO's principal subsidiary,
  Indianapolis Power & Light Company, provides retail electric service to
  more than 400,000 customers in Indianapolis and in portions of other
  central Indiana counties.   
                                 ###
  <PAGE>
                              SIGNATURE
  
       Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by
  the undersigned hereunto duly authorized.
  
  
  Dated: February 27, 1996
  
                                          IPALCO ENTERPRISES, INC.
  
  
  
                                         By  /s/ Bryan G. Tabler
                                             Name:  Bryan G. Tabler
                                             Title:  Vice President, Secretary 
                                                     and General Counsel
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text: SECURITIES AND EXCHANGE COMMISSION
  
                       Washington, D.C.  20549
  
                 __________________________________
  
                              FORM 8-K
                 __________________________________
  
                           CURRENT REPORT
  
               Pursuant to Section 13 or 15(d) of the 
                   Securities Exchange Act of 1934
  
                 Date of Report:  February 27, 1996
  Date of Event (or earliest event) being reported:  February 27, 1996
  
                      IPALCO ENTERPRISES, INC.
       (Exact name of registrant as specified in its charter)
  
                 Indiana              1-8644              35-1575582
     (State or other jurisdiction     (Commission         (IRS Employer
           of incorporation)          File Number)        Identification No.) 
  
          One Monument Circle, Indianapolis, Indiana  46204
        (Address of principal executive offices)  (Zip Code)
  
  Registrant's telephone number, including area code:  (317) 261-8261
  Item 5.  Other Event
  
       IPALCO Enterprises, Inc. issued the following press release on
  February 27, 1996, relating to the declaration of a stock distribution in
  the form of a three-for-two split of its outstanding common stock:
  
                 Media:    Marni Lemons
                           317-261-8219   
                           email: mlemons@ipalco.com 
  
                 Investor: Jennifer Kent
                           317-261-8259
                           email: jkent@ipalco.com  
  
       IPALCO Declares 3-for-2 Stock Split, Raises Dividend   
  
  INDIANAPOLIS, February 27, 1995 -- The Board of Directors of IPALCO
  Enterprises Inc. declared a three-for-two stock split today and raised
  the annual indicated dividend six cents per share on a pre-split basis.  
  
  The annual indicated dividend level rose from $2.16 per share to $2.22
  per share, pre split, and from $1.44 to $1.48 on a post-split basis.  
  
  "We were extremely pleased with the financial performance of the company
  in 1995," IPALCO Chairman and President John R. Hodowal said. "The stock
  split and increased dividend also signal our confidence in IPALCO's
  future."  
  
  As a result of the split, the Board of Directors believes IPALCO's stock
  will become more affordable for individual investors who represent over
  60 percent of IPALCO's shareholder base.  
  
  "Important to small investors and large investors alike, the greater
  number of shares may reduce  price fluctuations that sometimes occur
  because of large block trading," Hodowal said.  
  
  Shareholders of record March 7, 1996, will be entitled to receive one
  additional share for each two shares then owned.  The new shares will be
  issued and mailed on or about March 18, 1996.   
  
  IPALCO Enterprises, Inc. is a multi-state energy company providing a
  variety of energy products and services. IPALCO's principal subsidiary,
  Indianapolis Power & Light Company, provides retail electric service to
  more than 400,000 customers in Indianapolis and in portions of other
  central Indiana counties.   
                                 ###
  SIGNATURE
  
       Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by
  the undersigned hereunto duly authorized.
  
  Dated: February 27, 1996
  
                                          IPALCO ENTERPRISES, INC.
  
                                         By  /s/ Bryan G. Tabler
                                             Name:  Bryan G. Tabler
                                             Title:  Vice President, Secretary 
                                                     and General Counsel