Mukesh Ambani-led Reliance Industries (RIL) announced on Thursday that its board has approved the issuance of bonus shares in a 1:1 ratio, as stated at the conglomerate's annual general meeting (AGM).

The record date for the bonus issue will be announced at a later time.

"The bonus shares will be issued out of securities premium account received in cash and/or general reserve and/or retained earnings available as of March 31, 2024," RIL said in a regulatory filing.

The actual number of bonus shares to be issued will be determined based on the fully paid-up equity shares as of the record date.

Following the announcement, RIL shares were trading 1.3% lower at Rs 2,989 on BSE. The heavyweight Nifty stock has underperformed with flat returns in the last 6 months.