The Reliance Industries board on Wednesday approved bonus issue in the ratio 1:1. The issue is subject to approval from shareholders. The RIL bonus issue is applicable for RPL shareholders.
RIL had announced a bonus issue in the ratio 1:1 in 1997. Prior to that, the company had announced a bonus issue in the ratio 3:5 in 1980 and 1983.
“The proposal for bonus is as per RIL’s policy of rewarding shareholders,” said Alok Agarwal, CFO of RIL.
He said that the company has been able to ramp up capacity despite significant challenges in costs and availability of rigs.
RIL has started production at 16 of 18 oil wells at KG D6 block and ramp-up of output from the block is on track, he said. And the benefits of KG D6 gas has lead to substantial savings in terms of imports, Agarwal added.
Gas price at $4.2/mmbtu leads to annual savings of Rs 25,000 crore to consumers, he said. He pegged the value of RIL’s treasury stock at Rs.40,000 crore
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