RIL AGM: Mukesh Ambani announces 1 bonus share for every 1 share held

In a gift for its shareholders, the Reliance Industries (RIL) board today recommended bonus shares in the ratio of 1:1. The ratio shows that a shareholder of the company will receive one share for every share held. While addressing the 40th annual general meeting at Birla Matushri Sabhagar in Mumbai, Mukesh Ambani said, "This is the largest bonus issue by any company so far"

Reliance Industries also launched a low-cost phone with 4G-enabled features on Friday in a bid to woo tens of millions of low-income users to its upstart telecoms venture Jio's service.

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The handset, named JioPhone, will "effectively cost zero" as buyers will be able to get the device for a one-time refundable security deposit of Rs 1,500 ($23.32),  Reliance Industries Chairman Mukesh Ambani.

The launch was widely anticipated as Ambani, India's richest man, uses the company's annual meeting to make key launch announcements that have in the past disrupted sectors.