Financial Daily from THE HINDU group of publications
Thursday, Jul 28, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 28, 2005 |
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Markets
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Buyback Reliance to close share buyback offer on Aug 2 Our Bureau
Mumbai , July 27 THE board of Reliance Industries, on Wednesday, decided to close the equity share buyback programme of the company with effect from August 2 this year, nearly five months ahead of its initial date of closure. The buyback offer in the open market, which was billed to be the biggest ever in India, opened on January 10 this year. The company's offer was for up to 10 per cent of its equity at a maximum price of Rs 570 per share, at an amount not exceeding Rs 2,999 crore. But till the end of last week only 2.86 million shares had been tendered and bought back, the outgo being Rs 149.6 crore, a small fraction of the total amount set aside for the purpose. Reliance Industries also announced that it had appointed Mr Dipak C. Jain, Dean, Kellog School of Management, Illinois, as an Additional and Independent Director on the board of directors of the company effective August 4, 2005.
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