Reliance Industries has made a last request for payment of any installments owed on the partially paid shares issued in 202. According to the company, if payments are not received by September 20, the partially paid shares may be forfeited.
Reliance Industries said in a notice that the shareholders whose partly-paid shares will be forfeited will not be eligible for the previously announced bonus issue on those shares and the shares of Jio Financial Services.
The Reliance Industries board approved the bonus issue in a 1:1 ratio on September 5. It was declared at the conglomerate’s 47th annual general meeting (AGM) in August. The board also approved a Rs 50,000 crore increase in the permitted share capital from Rs 15,000 crore.
The following decisions were authorised by the Board of Directors and filed with the stock exchange on September 5.
The forfeiture of partially paid-up equity shares of the corporation on which call money (either the First, Second, or Final Call, or both) is still outstanding was approved by the board.
The issue of bonus shares in a ratio of 1:1 to the eligible equity shareholders of the oil to telecom conglomerate on the record date is proposed, and the shareholders are asked to approve it by postal ballot. This would increase the company’s authorised share capital from Rs 15,000 crore to Rs 50,000 crore and capitalise securities premiums received in cash, general reserve and/or retained earnings.
This bonus issue is Reliance’s sixth bonus issue overall and its first since 2017. Reliance had previously issued 1:1 bonus shares in 2009 prior to distributing bonus shares in 2017.