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.
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