India’s Reliance to pay dividends, issue bonus shares

08 October 2009 09:03  [Source: ICIS news]

SINGAPORE (ICIS news)--Reliance Industries plans to shell out Indian rupees (Rs) 22.19bn ($475m) in dividends and issue bonus shares to reward its shareholders, the energy giant said on Thursday.

The company has proposed to issue one bonus share for each Reliance share held and a Rs13/share dividend to shareholders, bringing the company’s dividend payout ratio to 130% for the financial year ending March 2009, it said.

Reliance Industries made Rs153.1bn in net profit in the April 2008-March 2009 period, down 21.3% year on year, based on its audited financial statement.

The bonus shares and dividend payments are still subject to shareholders' approval, the company said.

At 15:17 Singapore time, Reliance’s shares were trading around 2% higher at Rs2,141.70 on the Bombay Stock Exchange.

($1 = Rs46.66)

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By: Pearl Bantillo
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