Wed Oct 16 16:43:42 UTC 2024: ## Reliance Industries Announces Record Date for 1:1 Bonus Share Issue
**Mumbai, India:** Reliance Industries Limited (RIL), the oil-to-telecom conglomerate led by billionaire Mukesh Ambani, has announced October 28, 2024, as the record date for its upcoming 1:1 bonus share issue. This means shareholders holding RIL shares on this date will be eligible to receive one free share for every share they own.
The board of directors approved the bonus issue in September, marking the company’s sixth such instance and the first since 2017. The bonus shares will be issued by capitalizing the company’s securities premium account, general reserves, or retained earnings. This will effectively double RIL’s paid-up capital to ₹13,532.46 crore.
The announcement comes as RIL reported a 3.6% decline in consolidated net profit for the July-September quarter, primarily attributed to weak performance in the oil-to-chemicals (O2C) business. However, the company’s digital services and upstream businesses continued to show robust growth, partially offsetting the O2C weakness.
Despite the recent profit dip, RIL’s stock has performed well in the past year, providing investors with 15.27% returns. Domestic brokerage firms, like JM Financial and Elara Securities, maintain positive views on the stock, with Elara giving it an “accumulate” rating and a target price of ₹3,265.
RIL’s bonus share issue is expected to be a significant event for the company and its shareholders, potentially attracting new investors and boosting investor confidence. The company’s strong performance in digital services and its commitment to expanding its presence in new sectors suggest a promising future for the conglomerate.
First Piper 