New Delhi, Sept. 30 -- 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 w...