The chairman of the Reliance industries was scheduled to speak at the 47th AGM (annual general meeting) of the company. He went on to say, 'Reliance in the business of creating wealth for India'.
In the annual general meeting, the chairman of the reliance industries said the board is considering a 1:1 bonus for all share holders of the reliance industries.
The company's board of directors will meet on Thursday, September 5, 2024, to discuss and recommend to the shareholders that bonus shares be issued in a 1:1 ratio to equity shareholders of the company through reserve capitalisation. RIL made this announcement in a stock exchange filing on August 29.
Additionally, the action would increase RIL's share price's liquidity on the stock market, opening them up to a larger pool of potential buyers. The oil-to-chemicals conglomerate issued bonus shares at a 1:1 ratio in 2017, which was the last time bonus issues have occurred.
Bonus shares are extra shares that a business issues to current shareholders based on the quantity of shares they currently own, at no additional cost. They are given out in a certain ratio, like 1:1, which denotes one bonus share for each share that is held.
Moreover, he added, "There is one unavoidable certainty in these uncertain times. And that certainty is that New India will continue to rise as it marches boldly towards Amrit Kaal and Viksit Bharat.
India's demographics are unmatched among its global peers, and its country is growing quickly and has relatively lower debt levels. India is no longer merely a cog in the global economic train, but rather one of the largest growth engines today.'
Shares of Reliance Industries were up 1.38 per cent at Rs 3,038 per share on Indian stock Exchanges
Prior to the 47th annual general meeting on August 29, RIL made its announcement. Reliance Industries Ltd. is valued at more than Rs 20 lakh crore on the market.
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