New Delhi: On the 40th anniversary of it going public, Reliance Industries Ltd. announced a 1:1 bonus for shareholders — effectively an additional bonus share for every share currently held.
The announcement of bonus shares in the Annual General Meeting on Friday, addressed by Chairman Mukesh Ambani, sent the share price rising. RIL shares rose 3.19% to Rs 1,578 at 12.42 pm in Mumbai trading.
Moneycontrol.com earlier reported that the shares were already at a nine-year-high.
Reliance Industries’ first IPO was in 1977 and since then the company has been credited with creating a ‘culture of the shareholder’ in India. Friday’s announcement of a 1:1 bonus seems aimed at rewarding the company’s shareholders.
Mukesh Ambani in his speech said that an investment of Rs 1,000 in Reliance shares in 1977 would be worth Rs 16.5 lakh today. The company’s market capitalisation is over Rs 5 lakh crore, which makes it India’s largest company by M-cap.
(Disclosure: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited)
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