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RIL buys back 400,000 shares @ Rs 519
January 12, 2005 19:20 IST
Reliance Industries continues to take advantage of fall in its share prices by buying back four lakh more shares at an average price of Rs 519 against an approved price of up to Rs 570.
The company on Tuesday shelled out Rs 20.76 crore (Rs 207.6 million) to buy the shares taking the total number of shares bought back to over 13 lakh during the first three days of commencing the buy-back programme.
RIL communicated today's transaction to the stock exchanges on the quantity bought and money spent. Of the total outlay of Rs 2,999 crore (Rs 29.99 billion) for the purpose the company has spent merely Rs 71.26 crore (Rs 712.6 million).
RIL Board had approved a price of up to Rs 570 at its meeting on December 27 with the objective to arrest the fall in share prices, which has been witnessed since the proxy war between Ambani brothers became public in mid-November.
But RIL, headed by Mukesh Ambani, failed to prevent the slide in its share price, which dipped 1.45 per cent to close at Rs 518 after touching day's high of Rs 530 at BSE.
The company benefited from the downtrend in its share price and Sensex, which fell by 120 points to close at 6,103.
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