Reliance Industries gets shareholders nod for bonus issue

17 Oct 2024 , 09:47 AM

Mukesh Ambani-led Reliance Industries (RIL) stated on Wednesday (October 16) that its shareholders passed two significant resolutions through e-voting, which ended on October 15, 2024.

The resolutions, which passed with a large majority, authorise the firm to issue bonus shares and enhance its authorised share capital, resulting in a change to the Capital Clause of its Memorandum of Association.

The proposal for a bonus issue obtained 99.92% of valid votes in favour, while the resolution to enhance the authorised share capital and make commensurate changes to the Capital Clause of the Memorandum of Association earned 98.96% of valid votes.

The e-voting session was open from 9 A.M. on Monday, September 16, to 5 P.M. on Tuesday, October 15.

Last month, Reliance Industries’ board approved the issuance of bonus shares to shareholders in a 1:1 ratio. This means that shareholders will be able to get one free share for each share they own as of the record date.

This is the sixth time the corporation has issued bonus shares to its owners, following 1980, 1983, 1997, 2009, and 2017. The board approved an increase in permitted share capital from ₹15,000 Crore to ₹50,000 Crore.

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