Mukesh Ambani’s big gift ahead of Reliance’s AGM, he distributed Rs 351 crore
The Annual General Meeting of Reliance Industries, the most valuable company of the world’s leading businessman, Mukesh Ambani, will be held today. Mukesh Ambani may make a huge gift to 35 lakh shareholders of Reliance at the Annual General Meeting. But even before the Annual General Meeting, Mukesh Ambani distributed Rs 351 crore. Mukesh Ambani’s Reliance Retail has given ESOPs worth Rs 351 crore to 15 top executives in the last financial year. This information has been provided in the documents filed with the Registrar of Companies.
According to the information, the company has distributed 4.417 million shares of Rs 10 each at the rate of Rs 796.5 per share to its senior officers. The discussion on the IPO of Reliance Retail is also the main topic of the Annual General Meeting to be held today. It is believed that the company’s Chairman and Managing Director Mukesh Ambani may announce the listing of the retail and telecom business at the AGM.
The IPO may be announced at the Annual General Meeting
Reliance has not yet made any announcement regarding the IPO of its retail business, but analysts expect the company’s IPO to be launched in the next two years. This will be discussed at the Annual General Meeting to be held today. Reliance Retail has appointed V Subramaniam as director, Damodar Mall as CEO of Grocery Retail, Akhilesh Prasad as president and CEO of fashion and lifestyle business, Kaushal Nevrekar as president and CEO of electronics retail, Ashwin Khasgiwala as group chief business officer and Vineet Nair as president of fashion e-commerce platform Ajio as CEO of ESOPs.
Apart from this, Reliance Retail has also granted ESOPs to Kamdev Mohanty, COO of Grocery Retail and Geomart, Prateek Mathur, Head of Strategy and Projects, Vipin Tyagi, COO of Reliance Trends and Ketan Modi, COO of FMCG Business.
How was the profit?
Reliance Retail did not respond to ET’s email queries on this matter. Mohit Yadav, founder of business intelligence firm Altinfo, said Reliance Retail’s ESOP allotment of Rs 796.50 per share represents a premium of 7,865% over the face value of the share. Reliance Retail is the largest retail company in the country. The company’s revenue rose over 15% in the last financial year to Rs 2,58,388 crore, while net profit rose 26% to Rs 8,875 crore. Reliance Retail Ventures, a subsidiary of RIL and the holding company for Reliance Retail, has infused Rs 4,330 crore as equity and Rs 14,839 crore as debt in FY24.
