Rel Energy buys back 8.3 lakh shares in 4 days

Written by Agencies | Mumbai, March 8: | Updated: Mar 29 2008, 00:24am hrs
Anil Ambani group firm Reliance Energy has bought back 8.3 lakh shares of the company since the beginning of the offer.

The aggregate amount spent on these shares is Rs 107.20 crore, the company informed the Bombay Stock Exchange.

The company has said the maximum price for the buyback is Rs 1,600 a share, which represents a premium of 10 per cent to the closing price on March 5, when the board approved the scheme.

REL shares today closed at Rs 1,333.65, up 3.67 per cent.

The company had proposed to buyback shares worth Rs 2,000 crore in two tranches. In the first phase, it would buy shares worth Rs 800 crore.

Analysts believe that the Reliance Energy buyback offer is a positive sign for the markets and would provide support to the market.

JM Financial Consultants Pvt Ltd is the manager to the buyback offer.