Thursday, April 3, 2008

Reliance Energy buys-back shares worth Rs 1.74 bn

Anil Ambani group`s Reliance Energy, on Apr. 03, 2008, bought-back 200,000 equity shares of the company.

Since the commencement of the buy-back on Mar. 25, 2008, the company has so far bought back 1.38 million equity shares aggregating to Rs 1,745.6 million.

The board of directors of the company has approved buy-back of equity shares of the Company up to an aggregate amount of Rs 800 crore.

The board of directors of Reliance Energy (REL) has 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.

REL`s fully diluted equity capital is Rs 2,795.3 million, and its market capitalization is about Rs 420 billion (USD 10.5 billion).

Shares of the company closed down Rs 40.80, or 3.32%, at Rs 1,189.45. The total volume of shares traded at the BSE was 1.13 million. (Thursday)

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