Reliance Industries said on Wednesday that it had bought back 42,02,683 shares for Rs 317.8 crore as on April 3, 2012. The average price works out to be Rs 756.18 to a share.
The company announced that the total sum paid excludes brokerage, service tax, securities transaction tax, stamp duty, exchange transaction charges and SEBI fees.
The RIL board had approved the buyback of up to 12 crore shares on January 20 this year. This constituted approximately 7.22 per cent of the company’s paid-up equity capital.
The board had approved a price not exceeding Rs 870 per share. The total value of the buyback had been pegged at a maximum of Rs 10,440 crore. The buyback opened on February 1, 2012 and the last date is January 2013.
Citigroup Global Markets and DSP Merrill Lynch are the managers to the buyback.