Reliance Industries 47th AGM: RIL will discuss a proposed 1:1 bonus share issue at its upcoming board meeting on September 5, said managing director and chairman Mukesh Ambani
Reliance Industries 47th AGM: Chairman and Managing Director of Reliance Industries, Mukesh Ambani, said during the RIL’s Annual General Meeting on Thursday that the RIL is set to discuss a proposed 1:1 bonus share issue at its upcoming board meeting on September 5. He added that this decision was made to reward its shareholders in light of the company’s robust financial performance and ongoing business expansion.
“At 1.45 pm today, Reliance Industries Limited has sent a notice to the stock exchanges that the Board of Directors will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. When Reliance grows, we reward our shareholders handsomely. And when our shareholders are rewarded handsomely, Reliance grows faster and creates more value. This virtuous cycle has been the guarantor of your company’s perpetual progress,” Ambani said while addressing the shareholders.
“A meeting of the Board of Directors of the Company is scheduled to be held on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the Equity Shareholders of the Company by capitalization of reserves,” said RIL in a stock exchange filing on Thursday.
Meanwhile, in the first quarter of FY25, Reliance Industries reported a profit of Rs 15,138 crore, representing a 5.5 per cent decrease from the Rs 16,011 crore earned in Q1FY24. However, revenue from operations for the quarter reached Rs 2,36,217 crore, a 12 per cent increase compared to Rs 2,10,831 crore in the same period last year.
Reliance Jio recorded an 11.7 per cent rise in net profit, reaching Rs 5,698 crore for the quarter. This growth was fueled by the expansion of 5G services, increased data consumption, and heightened user engagement driven by the Cricket World Cup. Jio’s customer base grew to 489.7 million, up from 481.8 million at the end of March.
The retail segment also showed robust performance, with a 4.6 per cent increase in profit and higher foot traffic in stores. Additionally, the company successfully reduced its net debt to Rs 1.12 lakh crore.