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Anil Ambani group firm, Reliance Infrastructure, said on Monday that it has bought back one lakh equity shares from shareholders of the company through open market purchases under its Rs 1,000 crore buyback offer.
The company is purchasing shares worth Rs 1,000 crore which mainly aimed at reducing short term volatility in the firm’s share price as well as discourage speculative activity in its stocks.
“We have today bought back one lakh equity shares of the company,” Reliance Infra said in a filing to the Bombay Stock Exchange.
The buyback worth about Rs 1,000 crore would be funded from investments made by the company in liquid and marketable securities.
The company has done three buybacks till date for an aggregate amount of Rs 923 crore and the current buy back offer shows that more than 100 per cent of the aggregate amount invested in the three previous buybacks, it said.
Reliance Infrastructure is buying shares on BSE and NSE, through open market purchases from time to time.
Shares of Reliance Infrastructure today closed at Rs 674.15 on BSE, down 1.86 per cent from the previous close.
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