Reliance board approves 1:1 bonus for shareholders

The board of Reliance Industries Ltd on Thursday approved issuing 1:1 bonus shares — the first bonus issue in seven years.

Reliance, the nation’s most valuable company, had last issued bonus shares in September 2017.

In a regulatory filing, the company said its board recommended to shareholders for their approval “issue of bonus shares in the ratio of 1:1 ie 1 (one) new fully paid-up equity share of Rs 10 each for every 1 (one) existing full paid-up equity share”.

The record date for such issuances will be intimated separately, it said. Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.

The company board also approved and sought shareholder nod for increase in authorised share capital of the company from Rs 15,000 crore to Rs 50,000 crore.