• Monday, February 17, 2025

Business

Reliance board approves 1:1 bonus issue

The Mukesh Ambani-promoted company had previously issued bonus shares in September 2017

Mukesh Ambani-promoted Reliance Industries Ltd on Thursday approved issuing 1:1 bonus shares – the first bonus issue in seven years.

By: Shajil Kumar

THE BOARD of Reliance Industries Ltd on Thursday approved issuing 1:1 bonus shares – the first bonus issue in seven years.

The Mukesh Ambani-promoted company had last issued bonus shares in September 2017.

In a regulatory filing, the nation’s most valuable 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 ₹150 billion (£1.36bn)to ₹500bn (£4.52bn).

Jio bonanza

The conglomerate’s telecom arm Reliance Jio marked its 8th anniversary milestone on Thursday doling out offers on select recharge plans for its users.

It is pertinent to mention here that in September 2016, Jio’s entry with free voice calls and cheap data rates dislodged well-entrenched rivals, and the Mukesh Ambani-led telco subsequently emerged as the nation’s top carrier.

In a span of 170 days of its launch, Jio had crossed 100-million customer mark by February 2017 – a remarkable feat for the newcomer which added an average seven customers every single second of every single day during that period.

Today, Jio has over 490 million subscribers, a count that includes the largest 5G subscriber base of 130 million globally, outside of China.

Despite this massive growth in data consumption and usage, the cost of data in India remains the lowest in the world.

The current cost per GB is 30 times lower than in 2016 when Jio first entered the market, market watchers say. (PTI)

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