Reliance Industries Ltd (RIL) has informed the exchanges that its 46th annual general meeting (AGM) with shareholders will take place on August 28 at 2:00 p.m. As usual, investors on Dalal Street will be eagerly anticipating Chairman Mukesh Ambani’s announcements on growth and expansion plans.
According to The Economic Times report, RIL has also set August 21 as the record date to determine eligible shareholders for dividend payment. During its June quarter earnings release, the conglomerate had announced a dividend of Rs 9 per share to shareholders.
One major topic of interest for investors will be the listing date of Jio Financial Services. Recently, RIL completed the demerger of its financial services business into Reliance Strategic Investments, subsequently renaming the entity as Jio Financial Services. Jio Financial Services has temporarily entered key indices like the Sensex and Nifty 50 at a constant price, and the market awaits its official listing.
Chairman Ambani may also shed light on the growth plans for the financial services business following its collaboration with BlackRock, the world’s largest asset manager, in a bid to challenge India’s $540 billion mutual fund industry.
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The Economic Times report added that apart from the financial services segment, market observers will be eager to learn about RIL’s management outlook and strategies for its retail and telecom businesses.
In a move to enhance shareholder value, Reliance Retail had previously announced a buyback plan worth Rs 1,071 crore to repurchase shares from minority stakeholders.
As in previous years, RIL will conduct the AGM through video conferencing, offering shareholders and stakeholders the opportunity to participate remotely.
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The stock of the Reliance Industries closed 1.4 per cent higher at Rs 2,509.55 on the National Stock Exchange on Friday. The 52 week high and 52 week low of the share is 2,856 and 2,180 respectively. Over the last three months, the stock has provided investors with impressive returns of approximately 13 per cent, outperforming the Nifty 50, which yielded 7 per cent returns during the same period.
Overall, the AGM is expected to be a crucial event for investors as they anticipate significant announcements regarding RIL’s future growth trajectory and key developments in its various business verticals.
