RIL gives bonus shares

Mumbai
Oct. 7: In a surprise move designed to woo its shareholders, many of whom are also shareholders of the Reliance ADAG, the board of Reliance Industries on Wednesday declared a 1:1 bonus for the first time since 1997.
The board also proposed an interim dividend of Rs 13 per share for the financial year 2008-09 which will result in a payment of Rs 2,219 crore inclusive of taxes of Rs 322 crore.
Reliance Petroleum shareholders will also be eligible for the bonus and dividend.
Analysts were taken by surprise as there was not a hint of bonus from Reliance Industries.
The company has declared a net profit of Rs 14,950 crore for the financial year 2009 against Rs 19,523 crore for the financial year 2008. The company’s net turnover stood at Rs 1,51,224 crore in the fiscal 2009 as against Rs 1,37,147 crore a year-ago.
RIL has told the Supreme Court that it cannot sell natural gas to ADAG firm Reliance Natural Resources Ltd at a price 44 per cent lower than the government-approved rate and said that it would incur huge cash losses if it is forced to do so.