RInfra buys back two lakh shares
Reliance Infrastructure today bought back two lakh company shares from the open market.
"Reliance Infrastructure has today bought back 2,00,00 equity shares of the company pursuant to the buy-back programme," it said in a communique to Bombay Stock Exchange (BSE).
The scrip of the company today closed at Rs 658.05 on the BSE, down 1.43% from its previous close.
Reliance Infrastructures' Board had on February 14 approved a buy-back of the company's outstanding equity shares of Rs 10 each for an aggregate amount of up to Rs 1,000 crore at a price not exceeding Rs 725 per equity share. The offer was started from April 14.
The company has so far bought back 10 lakh shares under the current buy-back programme.
Reliance Infrastructure said that the buy-back, aimed at reducing short-term volatility in the company's shares and reiterating the confidence of the management in its future growth prospects, would be funded from internal accruals.