Reliance Industries Limited (RIL), led by Indian billionaire Mukesh Ambani, will distribute bonus shares in a 1:1 ratio, the largest-ever issuance of bonus equity shares in the Indian stock market.

The record date for the bonus issue will be announced later, the Bombay Stock Exchange-listed company said in a statement on Friday.

The Indian oil-to-telecom conglomerate last issued bonus shares in the ratio of 1:1 in 2017 followed by a rights issue in 2020.

The company estimates 67.66 billion Indian rupees ($806 million) will be required to implement the bonus issue, according to Mint, an Indian financial daily. However, the final amount will be based on the paid-up capital on the record date.

In July 2023, Jio Financial Services Limited was demerged from Reliance, which is valued 35% higher today from its listing.

Reliance, the largest private sector company, reported a consolidated revenue of $ 119.9 billion and a net profit of $ 9.5 billion for the year ended March 31, 2024.

Editing by Brinda Darasha; brinda.darasha@lseg.com