Threebirdsbakery

On 7th October 2009, Reliance Industries Limited proposed a bonus issue of one share for every equity share held while maintaining the dividend at Rs. 13 per share. The board has also considered dividend on the shares issued to the shareholders of erstwhile Reliance Petroleum. The amount required for the proposed dividend will be Rs. 2,219 crore, including dividend distribution tax of Rs.322 crore. The bonus declaration was accompanied by the restated results for the year ended March 31, 2009, to reflect the absorption of Reliance Petroleum unit effective April 1, 2008.
Bearing in mind the value created by Reliance Group in the last four years, now, Reliance is ready to invest for the future. It has a strong Balance Sheet, large cash reserves and substantial financial flexibility owing to its Treasury Stock holding which have a current value of nearly Rs. 40,000 crore. It also has operating experience and project execution skills at par with global energy majors. Reliance has built new businesses and invested in globally competitive capacity consistently to create value for all its stakeholders. Commenting on above, Mukesh Ambani, Chairman stated “We had committed to reward our shareholders on successful completion of our two world class projects. I am really delighted to share with you the excitement we all have in flawless execution of the upstream project which has been recognized globally as a defining accomplishment. Our refinery project has also set new benchmarks and made Reliance the operator of the largest refinery site anywhere in the world. These are achievements that we should all have pride in and are milestones in our journey of creating value for our shareholders”.
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