Reflecting the differences with elder brother Mukesh Ambani on buyback of shares by Reliance Industries, Anil Ambani today said he had proposed that the 12% equity in Reliance held by the Petroleum Trust and four companies be distributed free of cost among the existing shareholders. A spokesperson for Anil Ambani, vice chairman and managing director of Reliance, said: "In his presentation to the Reliance board, Anil proposed that 12% stake (held by Petroleum Trust and four companies) should be distributed as bonus shares free of cost to all, more than 20 lakh, shareholders." The board, however, rallied behind chairman Mukesh, and passed the buyback proposal ignoring Anil's suggestions. The issuance of equity as free bonus would also be in line with founder chairman Dhirubhai's announcement at the 1997 AGM that Reliance would have a continuous programme of bonus issue, generally once in five years, the spokesperson said. The shareholders were last issued bonus shares in 1997. |