The Anil Ambani promoted Reliance Energy has bought back 650,000 equity shares of the company since the start of the offer Tuesday at nearly Rs.1,279.23 a share aggregating Rs.831.5 million ($21 million).
The company's board had approved buy-back of equity shares up to Rs.8 billion ($200 million), amounting to 10 percent of the company`s equity and free reserves.
The remaining Rs.12 billion was intended for sale in the second phase, subject to necessary approvals by the shareholders. JM Financial Consultants is the manager to the buyback offer.
At noon Friday, shares of the company were trading at Rs.1,310 up by Rs.28.20 from its previous close at the Bombay Stock Exchange.
Indo-Asian News Service