Dynamite News Reliance board to consider 1:1 bonus issue on Sep 5: Mukesh Ambani
This move comes as the Mukesh Ambani-led conglomerate seeks to reward its shareholders amid strong financial performance and expansion of its business. Read further on Dynamite News:
New Delhi: The board of Reliance Industries Ltd will consider issuing 1:1 bonus shares on September 5, the company said in a regulatory filing on Thursday.
Mukesh Ambani-led conglomerate seeks
This move comes as the Mukesh Ambani-led conglomerate seeks to reward its shareholders amid strong financial performance and expansion of its business.
Reliance, the nation's most valuable company, had last issued bonus shares in September 2017.
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Reliance board scheduled
"A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024 to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves," the firm said in the stock exchange filing.
Mukesh Ambani noted
In his opening remarks, Ambani noted that he envisages RIL as one of the world’s top 30 companies in the near future, up from its current position among the world's top 50 most valuable companies. “With our strategic adoption of deep tech and advanced manufacturing, I can clearly see Reliance earning a place in the top 30 league in the near future,” he said.
Aim improve liquidity of RIL’s shares
The move would also improve the liquidity of RIL’s shares in the stock market, making them accessible to a wider base of investors. The bonus issue will be the first since 2017, when the oil-to-chemicals conglomerate issued bonus shares at a 1:1 ratio.
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"At 1.45 pm today, Reliance Industries Limited has sent a notice to the stock exchanges that the Board of Directors will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. When Reliance grows, we reward our shareholders handsomely. And when our shareholders are rewarded handsomely, Reliance grows faster and creates more value. This virtuous cycle has been the guarantor of your company’s perpetual progress," Reliance Industries Chairman Mukesh Ambani said while addressing the shareholders during the 47th Annual General Meeting. (with Agency inputs)