Reliance Energy buyback from March 17

Our Bureau

Mumbai, March 12 The buyback of Reliance Energy's shares will commence from March 17 and will continue till March 4, 2009, Reliance Energy informed SEBI on Wednesday.

The company had announced the buyback in its board meeting held on March 5.

Reliance Energy proposes to buyback 50-lakh plus shares at a price not exceeding Rs 1,600 per share, aggregating to Rs 800.06 crore, to raise promoters' stake in the company.

The minimum number of shares bought back would be 50,00,375 amounting to 2.11 per cent of the paid-up capital of the company as on March 5, 2008.

As on March 4, 2008 promoters hold 35.95 per cent stake in the company, FIIs & foreign mutual funds hold 21.89 per cent, domestic financial institutions including banks and mutual funds own 23.51 per cent, and the public and corporate bodies hold 18.65 per cent.

Reliance Energy share closed at Rs 1,328.30 on the BSE, up by 3.19 per cent from its previous close.