Reliance Industries Limited (RIL) rewards shareholders, issues 1:1 bonus

Source: http://business.rediff.com/report/2009/oct/07/ril-approves-1-1-bonus-issue.htm

Creating value for shareholders, Mukesh Ambani-led Reliance Industries on Wednesday said it will issue one bonus share for every share held in the company, while also announcing an interim dividend of Rs 13 per share for FY 09.

"The board of directors of Reliance Industries Ltd today proposed, subject to shareholders approval, issue of bonus shares in the ratio of one share for every share held," RIL chief financial officer, Alok Agarwal, said in Mumbai.

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.

Analysts said that the surprise announcement of a bonus issue by RIL, will definitely act as trigger for the market on Thursday and flare up the markets on the eve of Diwali.