Mukesh Ambani's Reliance Doing This After 7 Years! Big Announcement For Shareholders On September 5

The board of Reliance Industries Ltd will consider issuing 1:1 bonus shares on September 5, the company said in a regulatory filing on August 29. 

Reliance, the nation's most valuable company, had last issued bonus shares in September 2017. Hence this will be the first time in 7 years that the sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecoms, retail, and media will be announcing bonus issue for its shareholders.

1:1 bonus issue means that shareholders will get one bonus equity share for every share they own. RIL's previous bonus issues were announced in 1980, 1983, 1997, 2009, and the last one being 2017.

"We wish to inform you that pursuant to Regulation 29 and other applicable 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 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," RIL said in the stock exchange filing.

Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share. In July 2018, Reliance crossed the USD 100 billion valuation mark, and in the next six years, it has become the first Indian company to cross USD 250 billion in market value.

At its 47th Annual General Meeting (AGM) on August 29, RIL Chairman Mukesh Ambani announced up to 100 GB of free cloud storage for Jio users and expects the company to double revenues over 3-4 years, a move that will set the path for a possible demerger and listing in future. Ambani spoke about the AI service platform (Jio Brain), national AI infrastructure (gigawatt-scale AI-ready data centres in Jamnagar), Jio TvOS with voice assistant HelloJio, JioPhoneCall AI, as well as Jio AI-Cloud Welcome offer of up to 100 GB free cloud storage for Jio users.