At its board meeting on September 5, Reliance Industries Ltd. (RIL), the most valued corporation in India, is going to discuss a 1:1 bonus share.
The Mukesh Ambani-led company is making this move in an effort to reward its shareholders in the midst of good financial performance and business expansion.On Thursday, September 5, 2024, the Board of Directors of the Company will meet to discuss and recommend to the shareholders, for their approval, the issuance of bonus shares to the Equity Shareholders of the Company in a 1:1 ratio through capitalization of reserves,” RIL stated in a stock exchange filing on August 29.
“Reliance Industries Limited sent notice to the stock markets at 1:45 p.m. today that the Board of Directors will convene on September 5 to discuss issuing bonus shares in a 1:1 ratio. We generously compensate our stockholders as Reliance expands. And when our shareholders receive substantial rewards, Reliance expands more quickly and adds greater value. At the 47th Annual General Meeting of Reliance Industries, Chairman Mukesh Ambani addressed the shareholders, saying, “This virtuous cycle has been the guarantor of your company’s perpetual progress.”
Brokers are still optimistic about Reliance Industries’ plans to treble EBITDA and grow its O2C, retail, and new energy businesses.
Reliance Industries’ shares were up 2.4 percent at Rs 3,068 a share at 2:00 pm on August 29.The announcement from RIL was made before to the August 29 47th annual general meeting. Reliance Industries Ltd. has a market capitalization of more than Rs 20 lakh crore.
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