Reliance Industries’ share price skyrocketed following the announcement of a 1:1 bonus share issue. Currently trading at ₹3,059.10, the stock has gained ₹62.50 or 2.09% as of 1:53 PM.
The Board of Directors is scheduled to meet on September 5, 2024, to consider and recommend the bonus share issuance to equity shareholders, which will be funded through the capitalization of reserves. This marks the first bonus issue by Reliance since 2017, when it also declared a similar 1:1 bonus.
Stock Price Details:
– **Open:** ₹3,006.20
– **High:** ₹3,072.60
– **Low:** ₹2,988.00
– **Previous Close:** ₹2,996.60
The positive market reaction reflects investor confidence in Reliance’s commitment to enhancing shareholder value. The anticipated bonus shares are expected to increase liquidity and broaden the shareholder base, further solidifying Reliance’s position in the market.
