The Hindu Business Line : Reliance Energy buys back 11.8 lakh shares

Reliance Energy on Wednesday announced that the company has bought back a total of 11.8 lakh of its equity shares as on April 2, , for an aggregate amount of Rs 150.74 crore. The first phase of the buyback plan envisages acquisition of shares worth Rs 800 crore.

Last month, the Anil Dhirubhai Ambani company said it would buy back its outstanding equity shares for an aggregate amount of Rs 2,000 crore in two phases, the first for Rs 800 crore, the second for Rs 1,200 crore. The company would offer a maximum price of Rs 1,600 a share.

The buy-back would reduce short term volatility in the share price of the company, prevent speculative activity in the company’s shares and also “send a strong signal to the capital markets on the perceived under-valuation of REL’s share price”, the company had said.

Since the announcement of the buy-back the REL stock has dipped more than 27 per cent. On Wednesday, it slipped 4.51 per cent to end the day at Rs 1,230.25.

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