RIL announces bonus issue of 1:1 at AGM; stock rallies 4%

Issue said to be the largest one in the country. Shareholders to get one share for every one scrip held.

July 21, 2017 / 13:40 IST

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Shares of Reliance Industries gained around 4 percent intraday on Friday after the Mukesh Ambani-led firm announced a bonus issue on its share.

At the company’s 40th Annual General Meeting (AGM) in Mumbai, the company announced a bonus issue of 1:1. This means that shareholders will get 1 bonus share for every one share held by an investor.

According to a CNBC-TV18 alert, this is the largest bonus issue in the country.

Historically speaking, the company had previously announced a bonus issue prior to this in the years of 2009, 1997 and 1983.

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Additionally, the company also announced the launch of a feature phone, the JioPhone, at the meet said to be effectively free of cost. Jio customers can avail this phone for refundable security deposit of Rs 1,500, which will be refunded to users after 36 months. Users of the phone could get data at Rs 153.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

first published: Jul 21, 2017 12:54 pm

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