Reliance Energy shares buyback from Tuesday

March 24th, 2008 - 9:35 pm ICT by admin  


Mumbai, March 24 (IANS) The buyback of Reliance Energy’s shares will commence from Tuesday. JM Financial Consultants Pvt Ltd, manager to the buyback of Reliance Energy, in a filing with the Bombay Stock Exchange late Monday, said in compliance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the buyback offer opening has been rescheduled to March 25. It was slated to open March 17 this year.

The company announced the buyback in its board meeting held March 5 this year.

Reliance Energy proposes to buyback 5 million plus shares at a price not exceeding Rs.1,600 per share, aggregating to Rs.20 billion ($500 million) to raise promoters’ stake in the company.

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