Reliance Industries RIL Bonus Shares | Ril 1:1 bonus

Reliance Industries RIL Bonus Shares | Ril 1:1 bonus

Reliance Industries Limited (RIL) on Wednesday announced issue of bonus shares after a 12 year-hiatus, a move that analysts expect would flare up the markets on the eve of Diwali.

The shares fell 1.57 per cent to Rs 2,099 on the Bombay Stock Exchange, but is expected to jump after the unscheduled announcement.

The board has also approved a dividend of Rs 13 per fully paid-up equity share of Rs 10 of the company to the shareholders, Reliance Industries CFO Alok Agarwal said.

Analysts said that the surprise announcement of a bonus issue by RIL, will definitely act as trigger for the market on Thursday.

The company founded by Dhirubhai Ambani, credited for drawing retail investors to stock markets in the 1970s, recommended an issue of one bonus share for every share held by shareholders and would help unlock value.

The last time Reliance Industries announced a bonus issue was in October 1997.

RIL scrip has been on a downslide since October one and has plunged over four per cent to Rs 2,099 today from Rs 2,201 on September 30.

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