Reliance Industries Ltd’s (RIL) board on August 5 approved a 1:1 bonus issue, marking the company’s first bonus offering after September 2017. Shareholders will get one free share for each held.
Reliance Industries, India’s most valuable company, will share details about the record date at a later date.
In a regulatory filing, the company said, “the record date will be intimated separately”.
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The RIL board also approved a proposal to increase the authorized share capital of the company to Rs 50,000 crore from Rs 15,000 crore.
This is the fifth time the company has announced plans to reward shareholders with bonus shares. It offered bonus shares in 1983, 1997, 2009 and 2017.
Year to date, the RIL stock has delivered 15.3 percent returns. It gained 23.3 percent in the past year.
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At the company’s 47th annual general meeting, Reliance Industries chairman Mukesh Ambani unveiled an ambitious vision to transform India’s largest conglomerate into a deep-tech and new energy powerhouse to drive growth and expansion.
Ambani outlined his strategy to harness cutting-edge technologies, including artificial intelligence (AI), 5G, and high-tech manufacturing, to propel RIL into a new hyper-growth orbit.
He emphasised Reliance Industries dedication to investing in new technologies, including artificial intelligence (AI), Internet of Things (IoT), machine learning, and robotics, to create a world-class manufacturing ecosystem. The company aims to invest up to Rs 75,000 crore to set up the Dhirubhai Ambani Green Energy Giga Manufacturing Complex, which will be the largest, most advanced, modular, and integrated ecosystem in the world at a single site.
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Ambani told shareholders that the ongoing technology-driven transformation will push the company into a new phase of rapid growth and significantly increase its value in the years ahead.
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