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    HomeNewsBusinessCompaniesReliance Infra's Rs 1,000cr share buyback opens April 5

    Reliance Infra's Rs 1,000cr share buyback opens April 5

    Asserting that its shares are undervalued at current levels, Anil Ambani-led Reliance Infrastructure today announced a Rs 1,000 crore share buy-back offer to buy 8.34% shares from public shareholders.

    March 29, 2011 / 09:39 IST
       
       
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      Asserting that its shares are undervalued at current levels, Anil Ambani-led Reliance Infrastructure today announced a Rs 1,000 crore share buy-back offer to buy 8.34% shares from public shareholders.


      Under the offer, the company will repurchase up to 1.38 crore shares from non-promoter shareholders for a maximum price of Rs 725 a piece.


      At the BSE, the scrip was trading at Rs 664, up 2.05% from the previous close.


      Commenting on the offer, a Reliance Infra spokesperson said that the buy-back for up to Rs 1,000 crore through open market purchases would begin on April 5.


      In a mandatory public announcement to launch the buy-back offer, the company said today that the offer was approved by its board on February 14.


      "The proposed buy-back is being implemented in keeping with the company's desire to enhance overall shareholder value.

      first published: Mar 28, 2011 03:58 pm

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