Reliance shares, that are up about 16% thus far this yr, closed down 1.4% at 2,985.95 rupees. File
| Picture Credit score: Reuters
Reliance Industries, the nation’s most beneficial firm, on Thursday (September 5, 2024) permitted a one-for-one difficulty of bonus shares and advisable a rise in authorised share capital.
The board advisable a rise in approved share capital to 500 billion rupees ($5.96 billion) from 150 billion rupees.
That is the oil-to-chemicals conglomerate’s first bonus difficulty since 2017, when its inventory worth was roughly 700 rupees. Its inventory worth has greater than quadrupled since then.
This may also be Reliance’s sixth bonus difficulty since itemizing.
The bonus difficulty proposal was introduced final week minutes earlier than the corporate’s annual basic assembly the place its chairman Mukesh Ambani mentioned that Reliance will greater than double in measurement, with gross sales and revenue doubling at its retail and telecom arms.
Some analysts had mentioned the shareholder assembly was underwhelming as Reliance didn’t present any particulars on the timing of the preliminary public choices of its retail and telecom items.
“When Reliance grows, we reward our shareholders handsomely,” Mr. Ambani had mentioned on the meet.
Reliance shares, that are up about 16% thus far this yr, closed down 1.4% at 2,985.95 rupees.
Its shares rose final week following the bonus share plan announcement.
Printed – September 05, 2024 04:02 pm IST
