Friday, March 28, 2008

Reliance Energy buys back 200,000 shares

Anil Ambani led Reliance Energy has bought-back 200,000 equity shares of the company on Mar. 27, 2008. Since the commencement of the buy-back on Mar. 27, 2008, the company has so far bought back 650,000 equity shares at nearly Rs 1,279.23 a share aggregating Rs 831.5 million.

The board has approved the buy-back of equity shares of the company up to an aggregate amount of Rs 8 billion under the first phase, the company said.

Recently the company approved Rs 20 billion share buy-back in two phases through open market transactions at a maximum price of Rs 1,600 a share. The company, in the first phase will spend Rs 8 billion, amounting to 10% of the company`s equity and free reserves. The remaining Rs 12 billion shall be expended in the second phase, subject to necessary approvals by the shareholders.

Shares of the company declined Rs 11.25, or 0.87%, to settle at Rs 1,286.4. The total volume of shares traded was 887,903 at the BSE (Thursday).

1 comment:

Ninth said...

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