Reliance Inds board OKs 1:1 bonus issue

The board of Reliance Industries recommended issuing one bonus equity share for every one share held (1:1).

In a regulatory filing, the company said, The board of directors has recommended issue of bonus shares in the ratio of 1:1 i.e. one new fully paid-up equity share of Rs 10 each for every one existing fully paid-up equity share of Rs 10 each, to the eligible equity shareholders of the company as on the record date.

The record date will be intimated separately, it added.

The bonus shares will be issued out of securities premium account received in cash and/or general reserve and/or retained earnings available as at 31 March 2024.

The bonus shares would be credited on or before 1 November 2024.

Further, the companys board has also announced to increase the authorized share capital of the company from Rs 15,000 crore to Rs 50,000 crore.

RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

The companys consolidated net profit declined 4.04% to Rs 17,448 crore in Q1 FY25 as against Rs 18,182 crore posted in Q1 FY24. Gross revenue rose by 11.55% year on year (YoY) to Rs 257,823 crore in the quarter ended 30 June 2024.

Shares of Reliance Industries slipped 1.25% to Rs 2,991.95 on the BSE.

Powered by Capital Market - Live News