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Bankers to advise on RIL buyback proposal

December 27, 2004 14:32 IST

Investment bankers J M Morgan Stanley and DSP Merrill Lynch have been appointed managers and advisors respectively to the share buyback proposal of Reliance Industries Ltd.

Chairman of J M Morgan Stanley Nimesh Kampani and DSP Merrill Lynch chairman Hemandra Kothari were present at the RIL headquarters, where the crucial board meeting is being held.

RIL is to seek approval of the Securities and Exchange Board of India before January 10 and the buyback offer would be open for a year, company sources said adding they would like to complete the process as early as possible.

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