Reliance Industries‘ board has approved the issue of bonus shares to its shareholders.
What Happened: The board gave its nod to the bonus share issue during the meeting held on Thursday afternoon. The bonus shares will be issued to eligible equity shareholders as of the record date, which will be announced separately. The company plans to wrap up the process by November 1.
The 1:1 bonus share issue means that an investor will receive one share for every share they hold in the company. This move is expected to further boost the company’s market standing.
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On Wednesday, Reliance Industries emerged as the top bidder under the Government of India’s production-linked incentive (PLI) scheme, securing a massive contract for advanced chemistry cell (ACC) capacity. This initiative is part of the government's broader strategy to promote domestic manufacturing, decrease import reliance, and establish India as a global leader in ACC battery manufacturing.
Reliance Industries shares had surged by 2% after the company announced a board meeting to consider the issue of bonus shares last week.
Price Action: Reliance’s share price was down 1.39% to trade at ₹2,986.95 in the late hours of trading on Thursday.
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