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| R-Infra buys back shares worth Rs 234 cr |
| Press Trust of India / Mumbai Feb 14, 2012, 20:38 IST |
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Reliance Infrastructure (R-Infra) today said it has bought back total shares worth Rs 234.32 crore under a share buyback programme that had begun on April 11 last year.
The company has bought back shares worth over Rs 1,150 crore under four separate buyback programmes so far.
In the latest programme, R-Infra had offered to buy back total shares worth up to Rs 1,000 crore, to reiterate the management's confidence in the company's future growth prospects and to lower the short-term volatility and speculative trades in the stock.
In a regulatory filing today, R-Infra said that the buyback programme closed yesterday with re-purchase of a total of 44.3 lakh shares at an average price of Rs 528.91 each.
The shares bought back under the programme account for 1.66% stake in the company.
"The stock price of the company which was ruling around Rs 334 on January 02, 2012 has gone up to Rs 602 on February 13, 2012, recording a rise of about 80%," it said.
R-Infra shares today closed at Rs 615.85 apiece on the BSE, up 2.33% over the previous day's closing.
The company said that the buyback was launched pursuant to a resolution passed by its board on February 14, 2011, it commenced on April 11, 2011 and closed yesterday at the completion of twelve months from the date of board resolution.
Announcing the opening of the programme, the company had said in a press release on April 11 that it would buy back shares worth up to Rs 1,000 crore at a maximum price of Rs 725 per share.
Prior to this offer, R-Infra had done three buybacks for an aggregate amount of Rs 923 crore.
As per the capital market Sebi's regulations, the shares bought back under a buyback programme are extinguished, leading to a reduction in the company's outstanding equity capital.
At the end of 2011, promoters held 48.51% stake in the company.
In a separate regulatory filing, R-Infra said its board, at a meeting held today, has appointed SS Kohli and CP Jain as Additional Directors, in the capacity of independent directors.
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