Reliance Industries Stock Surges 3% As Board Announces 1:1 Bonus Shares

Reliance AGM Meet 2024: Reliance Industries Ltd's stock witnessed a significant uptick of nearly 3 per cent during late afternoon trading on Thursday, following the announcement that the company's board will deliberate on issuing 1:1 bonus shares on September 5. The shares surged by 2.63 per cent, reaching Rs 3,074.80 on the BSE immediately after the news broke. Similarly, the stock climbed 2.58 per cent to Rs 3,074 on the National Stock Exchange (NSE).

This positive development also boosted Reliance's market capitalisation by Rs 42,399.24 crore, taking it to a staggering Rs 20,60,461.42 crore. Reliance Industries, the country's most valuable company, last issued bonus shares in September 2017.

In a filing to the stock exchanges, the company stated, "A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalisation of reserves."