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Reliance Industries Ltd’s board will deliberate on issuing 1:1 bonus shares on September 5, according to a regulatory filing made on August 29.
The company stated, “In compliance with Regulation 29 and other relevant provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), a meeting of the Board of Directors is scheduled for Thursday, September 5, 2024. The board will consider and recommend to shareholders the approval of issuing bonus shares at a 1:1 ratio, which involves capitalizing reserves,” as noted in the stock exchange filing.
This will mark Reliance’s first bonus share issue in seven years, following its last bonus issue in September 2017. The 1:1 bonus issue means shareholders will receive one additional equity share for each share they currently own. Historically, Reliance’s bonus issues occurred in 1980, 1983, 1997, 2009, and most recently in 2017. The previous bonus issue in 2009 was also at a 1:1 ratio.
In July 2018, Reliance surpassed a USD 100 billion valuation, and in the six years since, it has become the first Indian company to exceed a market value of USD 250 billion.
RIL’s 47th AGM: Key Announcements by Mukesh Ambani
During Reliance Industries’ 47th Annual General Meeting (AGM) on August 29, Chairman Mukesh Ambani unveiled several significant initiatives. He announced a provision of up to 100 GB of free cloud storage for Jio users and outlined plans to double the company’s revenue within the next 3-4 years, potentially leading to a future demerger and listing.
Ambani highlighted the company’s advancements, including the AI service platform Jio Brain, the development of gigawatt-scale AI-ready data centers in Jamnagar, and new offerings such as Jio TvOS with the voice assistant HelloJio, JioPhoneCall AI, and the Jio AI-Cloud Welcome offer of up to 100 GB of free cloud storage for Jio users.
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