Reliance industries Share Price Jumps 2.6%

On august 29, reliance Industries' share price surged nearly 2.6% following the company's announcement that its board will consider a 1:1 bonus share issue on september 5. This decision comes just ahead of RIL’s 47th annual general meeting, which started today. The stock reached a one-month high during intraday trading.

If approved, this will be reliance Industries' first bonus issue in seven years. The bonus issue is aimed at rewarding shareholders for the company’s strong financial performance and growth under mukesh Ambani’s leadership. It is also expected to enhance the liquidity of RIL shares, making them more accessible to a broader range of investors.

Mukesh Ambani, the Chairman, highlighted the company’s commitment to rewarding shareholders, stating at the AGM, “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.”

At 2:02 pm, reliance industries Limited (RIL) shares were trading 2.3% higher at ₹3,066.05 on the National Stock Exchange (NSE). Year-to-date, the stock has risen approximately 18%, outperforming the Nifty’s 15% return. Over the past year, RIL’s share price has increased by 26%.

RIL Bonus Issue History: reliance industries has a history of rewarding shareholders with bonus issues. The most recent bonus issue was announced on July 21, 2017, at a 1:1 ratio, granting one additional share for every share held. Prior to that, RIL issued a 1:1 bonus on october 7, 2009, and another 1:1 bonus on september 13, 1997. Earlier, on october 28, 1983, RIL provided a 3:5 bonus, giving three additional shares for every five shares held.
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Sudha Subbiah

29/08/2024 07:35 PM