Reliance Energy buys back 951,500 shares till Monday

March 31st, 2008 - 11:19 pm ICT by admin  

Mumbai, March 31 (IANS) The Anil Ambani-promoted Reliance Energy Ltd has bought back 951,500 equity shares of the company since the start of the offer March 25, aggregating Rs.1.22 billion ($30.4 million). The company announced that it bought back 121,500 equity shares Monday alone.

The board of directors of Reliance Energy had approved buy-back of equity shares of the Company up to an aggregate amount of Rs.8 billion, amounting to 10 percent of its equity and free reserves.

The remaining Rs.12 billion was intended for sale in the second phase, subject to necessary approvals by the shareholders. JM Financial Consultants is the manager to the buyback offer.

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