Bonus shares have long been one of the most watched corporate actions in the Indian stock market, particularly among long-term investors. While a bonus issue does not, by itself, increase the value of an investor’s total holding on the day it is announced, repeated bonus issues can dramatically increase the number of shares held over a long investment horizon.
For investors who stayed invested through multiple such corporate actions, the share count can compound significantly over the years. Among Indian listed companies, a handful of well-known names stand out for the frequency with which they have rewarded shareholders through bonus issues.
Wipro leads the list with 14 bonus issues, followed by Larsen & Toubro with 10. Infosys and Bajaj Holdings & Investment have each announced eight bonus issues, while ITC has seven. Their histories stretch back several decades, with some of the earliest bonus issues dating to the 1950s, 1960s and 1970s.
Here’s the list-
1. Wipro Ltd — 14 bonus issues
Wipro holds the distinction of having the highest number of bonus issues among the five companies on this list, with 14 bonus issues over its corporate history.
The company’s most recent bonus issue came in 2024, when it announced a 1:1 bonus, with an ex-date of December 3, 2024. Before that, Wipro issued a 1:3 bonus in 2019, a 1:1 bonus in 2017 and a 2:3 bonus in 2010. Its bonus history stretches much further back, with issues recorded in 2005, 2004, 1999, 1997, 1995, 1992, 1989, 1987, 1985 and 1981. The repeated bonus issues over several decades have resulted in substantial increases in the number of shares held by investors who remained invested through the various rounds.
2. Larsen & Toubro Ltd — 10 bonus issues
Engineering and infrastructure major Larsen & Toubro (L&T) has announced bonus shares 10 times during its history. The company’s more recent bonus issues included a 1:2 bonus in 2017, followed by another 1:2 issue in 2013. In 2008, L&T announced a 1:1 bonus, effectively doubling the number of shares held by eligible investors.
Its bonus history, however, goes back several decades before these more recent issues. L&T announced bonus issues in 1981 in a 3:5 ratio, 1976 in a 1:2 ratio, 1973 in a 1:3 ratio and 1969 in a 1:10 ratio. Earlier issues were also recorded in 1964, 1961 and 1958. The long history makes L&T one of India’s prominent companies when it comes to repeated bonus issues.
3. Infosys Ltd — 8 bonus issues
Information technology major Infosys has announced eight bonus issues over the years, including several 1:1 bonus issues during the past two decades.
The company issued a 1:1 bonus in 2018, 2015, 2014 and 2006. One of its notable earlier issues came in 2004, when Infosys announced a 3:1 bonus, giving investors three additional shares for every one share held. The company had also issued 1:1 bonuses in 1999, 1997 and 1994.
4. Bajaj Holdings & Investment Ltd — 8 bonus issues
Bajaj Holdings & Investment has also recorded eight bonus issues, although its most recent bonus dates back several years. The company announced a 1:2 bonus in 1997, followed by a 1:1 issue in 1994 and another 1:1 bonus in 1991. Its bonus history extends further into the earlier decades, with 1:1 issues recorded in 1988 and 1984. The company had also announced bonus issues in 1977, 1973 and 1971.
Unlike some of the companies on this list that have issued bonuses more recently, Bajaj Holdings & Investment’s bonus history is concentrated largely in earlier decades. Nevertheless, its eight bonus issues place it alongside Infosys among the companies with the highest number of historical bonus issues in this list.
5. ITC Ltd — 7 bonus issues
Diversified conglomerate ITC has announced seven bonus issues during its history. The company’s most recent bonus issue came in 2016, when it announced a 1:2 bonus, meaning eligible shareholders received one additional share for every two shares held.
Before that, ITC issued a 1:1 bonus in 2010 and a 1:2 bonus in 2005. Its earlier history includes bonus issues in 1994, 1991, 1989 and 1980. The 1991 issue was in a 3:5 ratio, while the 1980 issue was in a 1:5 ratio. ITC’s long record of bonus issues sits alongside its broader history of shareholder distributions, making it another prominent name among companies that have repeatedly used bonus shares as a corporate action.
How bonus shares can multiply your share count
The impact of repeated bonus issues becomes more visible over a long holding period. For example, if an investor owns 100 shares and receives a 1:1 bonus, the holding increases to 200 shares, although the market price adjusts correspondingly and the immediate value of the investment does not automatically double.
If another 1:1 bonus is subsequently announced and the investor remains eligible, those 200 shares could become 400 shares. Repeated bonus issues can therefore significantly increase the number of shares held over several decades. However, the actual return generated by an investment depends on the company’s share-price performance, dividends, corporate actions and the price at which the original investment was made—not simply on the number of bonus shares received.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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