Reliance Infrastructure, belonging to the Anil Dhirubhai Ambani Group (ADAG), in a communique to the Bombay Stock Exchange, has announced a new buyback initiative wherein the company will acquire shares worth Rs 700 crore from its investors.
The buyback, which will be made up to a maximum price of Rs 700 per share, will remain open up to mid-April 2009.
Reliance Infra recently closed the first phase of buy-back program in which it acquired 87.60 lakh equity shares worth Rs 796 crore. This is the largest ever buy-back by any corporate in the country till date.
The company’s diluted equity capital is Rs 227.77 crore and its market capitalization is Rs 12,500 crore.