Market Rumour : SEBI to investigate Reliance group stocks price movement

SEBI has given the order to investigate the Reliance group stocks price movement during last one year to find out how prices have moved so higher in 1 year.

Meanwhile Reliance Energy Limited has informed the Exchange vide its letter dated March 05, 2008 that "At the meeting of the Board of Directors of Reliance Energy Limited held on today the Board has approved a proposal to buy-back the equity shares of the company". Further the Company has submitted a copy of media release dated March 05, 2008, titled "Reliance Energy Board approves share buy-back of up to Rs.2,000 crore (US$ 500 million), in two phases; First tranche of up to Rs.800 crore (US$ 200 million) effective immediately, based on Board approval; Second tranche of additional Rs.1,200 crore (US$ 300 million) based on shareholders' approvals to be obtained; Buy-back of shares at up to Rs.1,600 per share through transparent open market purchases; Buy-back Price represents approx. 10% premium over today's closing price". A copy of the media release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.Reliance Energy Limited has informed the Exchange vide its letter dated March 05, 2008 that "At the meeting of the Board of Directors of Reliance Energy Limited held on today the Board has approved a proposal to buy-back the equity shares of the company". Further the Company has submitted a copy of media release dated March 05, 2008, titled "Reliance Energy Board approves share buy-back of up to Rs.2,000 crore (US$ 500 million), in two phases; First tranche of up to Rs.800 crore (US$ 200 million) effective immediately, based on Board approval; Second tranche of additional Rs.1,200 crore (US$ 300 million) based on shareholders' approvals to be obtained; Buy-back of shares at up to Rs.1,600 per share through transparent open market purchases; Buy-back Price represents approx. 10% premium over today's closing price.