Shares of Reliance Industries surged 2% on Thursday afternoon after the company announced board meeting to consider the issue of bonus shares.

What Happened: Reliance Industries said in a regulatory filing that a board meeting is schedule on September 5, Thursday to consider and approve the issue of bonus shares in the ratio of 1:1. This means an investor will get one share for every share they hold in the company.

The company has not announced the record date for the bonus issue as yet.

On August 29, the company will also host its 47th annual general meeting where investors are expecting the company to announce its plans for IPO of its telecom arm, Reliance Jio or retail arm Reliance Retail. 

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In another development, the  Competition Commission of India (CCI) approved the proposed merger of the company's media arm Viacom18 with Disney's Star India. The merged entity will be valued at ₹70,352 crore ($8.5 billion). Reliance invested  ₹11,500 crore ($1.4 billion) in the joint venture for its growth plans.

Price Action: Shares of Reliance Industries 2.32% to ₹3,066.05 after the news of bonus issue came out. 

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