Reliance Industries Ltd (RIL), India’s largest company by market value, will consider issuing 1:1 bonus shares during its upcoming board meeting on September 5, 2024.
This decision aligns with the company’s goal to reward its shareholders following strong financial performance and ongoing business expansion.
The board of RIL will consider and may recommend the issue of bonus shares in the ratio of 1:1 by capitalising reserves, according to an exchange filing on August 29. This would be for the first time that RIL issues bonus shares since 2017, if approved, which would improve the liquidity and tradability of its shares in the market.
The news of the bonus issue helped RIL jump 2.4% as the stock changed hands at ₹3,068 per share intra-day at 2:00 PM on August 29. This has come ahead of the company’s 47th Annual General Meeting later in the day, with the market capitalization of Reliance Industries surging past ₹20 lakh crore.
Chairman Mukesh Ambani underlined that rewarding shareholders was central to the company’s approach, integral to RIL for sustained growth and value creation.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
