Mumbai, July 21: Apart from launching the JioPhone on Friday, Reliance Industries Chairman Mukesh Ambani announced a 1:1 Bonus on Shares for all the stakeholders at its 40th Annual General Meeting (AGM). With an aim to reward the company’s shareholders, Ambani said the board has recommended a bonus issue of 1:1 share. This means that all shareholders will get one bonus (additional) share for every share currently held. The announcement of bonus shares sent the share price rising as RIL shares shot up 3.19% to Rs 1,578. The bonus share has to be approved by all shareholders through postal ballot. This is believed to be the largest bonus issue in India. “You will get one bonus share for every share you owe. This is the largest bonus share that any company has provided so far”, Mukesh Ambani said.

Today, during his address in the Annual General Meeting, Mukesh introduced the ‘India Ka Smartphone’-the JioPhone which is a 4G enabled ‘effectively zero priced’ feature phone that can work on voice commands. The JioPhone will be available for user testing in beta mode from 15 August and for pre-booking from 24 August. It has to be noted that consumers will have to pay Rs 1,500 as refundable security deposit for 3 years. The JioPhone comes with a 2.4-inch display and supports digital payment via NFC. A distress call system, Jio Music, Jio Cinema, Jio TV, Powerful speaker and Supports 22 major languages are some of the key features of the JioPhones.

As soon as Ambani announced the bonus issue for stakeholders, Shares of Reliance Industries gained around 4 percent intraday on Friday while Telecom and DTH stocks were under pressure after Reliance unveiled the JioPhone at an effective cost of Rs 0. During his address, Ambani said over the last five years, the firm has made capital investment of Rs 3,30,000 crore in the last five years, invested over Rs 2 lakh crore in digital services and has become are the largest contributor to the digital India vision.

Ambani thanked the government for introducing the GST regime and said that that the indirect tax regime brings uniformity in tax rates and enables India to fulfil One Nation One Tax, resulting in one unified market. “We, at Reliance, congratulate the Government on its historic step of introducing the GST regime”, Mukesh Ambani added.  “I assure the people of India that Reliance will do everything, and more, to meet the nation’s expectations. As we march toward the Golden Jubilee of Reliance in 2027, I can confidently say that the Golden Decade of Reliance has begun,  Ambani added.