Reliance Industries' shares gain 3% on 1:1 bonus issue

Reliance Industries shares hit 52-week high on Friday after CMD Mukesh Ambani announced one free bonus share for each share held at company's 40th Annual General Meeting. 

At 1244 hours the shares of the company were trading at Rs 1580.30 per piece, up 3.38% or Rs 51.60 on BSE. It touched a high at Rs 1588.20 per piece, which is the highest since 2009. 

The company announced that it will give "one free share for every share held". 

At the occassion of 40th AGM, Mukesh Ambani, Chairman and Managing Director , Reliance Industries said, "Free share issue to be largest ever by any Indian company. It reflects my confidence in company. Reliance to share prosperity with all shareholders."

Moreover, Ambani also mentioned that Reliance has invested more than Rs 2 trillion in digital services. 

Apart from announcing bonus share issue, the company made major announcements related to its telecom arm, Reliance Jio. It launched Jio 4G VoLTE feature phone-- JioPhone for free of cost. 

However, the company will collect a 100% refundable security deposit of Rs 1500 which will be refunded after three years. 

Jio's feature phone will be available for user testing in beta on 15 August this year. Pre-booking of the phone will begin from 24 August. First come first bookings will get their phones by September this year, Ambani said.

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