29 August,2024 05:33 PM IST | Mumbai | mid-day online correspondent
Mukesh Ambani. File Pic
The board of Reliance Industries Ltd (RIL) will consider issuing 1:1 bonus shares on September 5, the company said in a regulatory filing on Thursday, reported the PTI.
Reliance, the nation's most valuable company, had last issued bonus shares in September 2017.
"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.
Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.
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The stock of Reliance Industries Ltd climbed nearly 3 per cent during the late afternoon trade on Thursday following the announcement that the company's board will consider issuing 1:1 bonus shares on September 5, the PTI reported on Thursday.
Shares of the firm jumped 2.63 per cent to Rs 3,074.80 on the BSE as soon as the announcement came in.
At the NSE, the bellwether stock climbed 2.58 per cent to Rs 3,074.
The company's market valuation also surged Rs 42,399.24 crore to Rs 20,60,461.42 crore.
Reliance, the nation's most valuable company, had last issued bonus shares in September 2017.
Meanwhile, Reliance Industries Limited (RIL), Chairman and Managing Director Mukesh Ambani on Thursday said that his oil-to-telecom conglomerate is not in the business of making short-term profit and hoarding wealth and instead focused on wealth creation for the nation, according to the PTI.
Speaking at the annual shareholder meeting of Reliance Industries Ltd, he said the company is working for the energy security of the country.
Reliance, he said, has now become a net producer of technology, transforming into a deep tech company.
The birth of AI has opened up opportunities to address complex problems facing humans, said Ambani, chairman and managing director of RIL.
Painting a rosy picture of the country's economy, he said India is one of the biggest growth engines in the world and no longer just a carriage.
(with PTI inputs)
