The stock of Reliance Industries Ltd climbed nearly 3 per cent during the late afternoon trade on Thursday following the announcement that the company's board will consider issuing 1:1 bonus shares on September 5.

Shares of the firm jumped 2.63 per cent to Rs 3,074.80 on the BSE as soon as the announcement came in.

At the NSE, the bellwether stock climbed 2.58 per cent to Rs 3,074.

The company's market valuation also surged Rs 42,399.24 crore to Rs 20,60,461.42 crore.

Reliance, the nation's most valuable company, had last issued bonus shares in September 2017.

"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, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves," the firm said in the stock exchange filing.

Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.

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