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Reliance buys 300,000 more shares

January 14, 2005 18:50 IST

Reliance Industries on Friday bought another 300,000 shares, taking the total number of shares bought under its ongoing buyback programme to 18,41,800 in the first five days.

The company has shelled out Rs 97.15 crore (Rs 971 million) so far.

Reliance on Friday bought back the shares at an average price of Rs 515.17 a share as against Rs 531.62 on day one, Rs 529.58 on day two, Rs 519 on the third day and Rs 520.91 on day four as against an approved price of up to Rs 570.

In a communication to the stock exchanges, RIL said it bought the shares for a consideration of Rs 1.46 crore (Rs 14.6 million) on Friday.

The scrip of Reliance closed the day at Rs 515.05 down by almost one per cent.

The company has earmarked a sum of Rs 2,999 crore (Rs 29.99 billion) for the purpose.

At its board meeting on December 27, RIL had said that the objective o approve upto Rs 570 for buying back its shares was to arrest the fall in share prices, which has been witnessed since the tussle between the Ambani brothers became public in mid-November.

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