Anil Ambani group firm Reliance Energy said on Tuesday its board will consider buyback of shares at a meeting to be held on March 5.
"A meeting of the board of directors of the company will be held on March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communique to the Bombay
Stock Exchange.
Buyback means repurchase of outstanding shares by a company in order to reduce the number of shares available for open trading in the market, thus increasing the proportion of shares the company owns.
Shares of the company were trading at Rs 1,673.4, 3.12 per cent up, on BSE in morning trade on Tuesday.
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