Reliance Industries (RIL) Chairman Mukesh Ambani addresses the company’s 47th Annual General Meeting (AGM) (Photo via PTI)
3 min read Last Updated : Aug 29 2024 | 3:51 PM IST
Reliance bonus news: In its 47th annual general meeting (AGM), Reliance Industries Chairman, Mukesh Ambani announced a bonus issue for the company’s shareholders in a 1:1 criterion i.e one bonus share each for one share held by its shareholders. He said the company’s board of directors will mull on the decision on September 5, 2024.
After the bonus shares announcement, Reliance Industries share price surged up to 2.63 at Rs 3,074.80 a piece intraday on Thursday. The share price of RIL ended 1.64 per cent higher on at Rs 3,044.75 on the BSE. By comparison the BSE Sensex ended 0.43 per cent at 82,134 levels.
At the Reliance AGM 2024, other key announcements included an investment of over Rs 3,643 crores in FY24 towards research and development (R&D), while cumulatively spending Rs 11,000 crore in research over the past four years.
Further Ambani announced that Jio is developing a comprehensive suite of tools and platforms, known as Jio Brain, which will cover the entire AI lifecycle. Jio Brian is aimed at accelerating AI adoption across Jio and other Reliance enterprises.
“The company plans to leverage AI for advancements in agriculture, education, healthcare, and small businesses, and aims to become a global leader in AI by making it affordable in India,” Ambani said at RIL’s 47th AGM.
Additionally, Amabni said that its mobile network arm Jio will offer up to 100 GB of free cloud storage and introduce a Jio AI Cloud welcome offer around Diwali.
RIL’s bonus issue history
Ambani in the AGM today said, “When Reliance grows, it rewards its shareholders.” Prior to the current bonus share issue announcement, the company has previously issued two bonus share issues.
RIL first awarded its shareholders with 1:1 bonus share issue in November 2009, while another bonus share issue of 1:1 was executed in September 2017.
Source: BSE
Besides this the company has continuously rewarded its shareholders with dividends, with the latest being of Rs 10 per share for financial year 2023-24 (FY24). The company has steadily raised its dividend by Rs 1 each year in the last five years.
RIL’s Dividend History, Source: BSE
RIL has the biggest market capitalisation in India to the tune of Rs 20.30 trillion.
Its shares are trading at a price to earnings multiple of 50.64 times with an earning per share of Rs 59.16 per share.
First Published: Aug 29 2024 | 3:51 PM IST
