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Rel Infra to buy back Rs 1,000 cr worth shares at Rs 725/piece

Rel Infra to buy back Rs 1,000 cr worth shares at Rs 725/piece
PTI
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First Published: Mon, Feb 14 2011. 03 33 PM IST
Updated: Mon, Feb 14 2011. 03 33 PM IST
New Delhi:Anil Ambani-led Reliance Infrastructure on Monday said it would buy back Rs 1,000 crore worth of shares at a price of Rs 725 a piece.
“Board of Directors of Reliance Infrastructure on Monday approved a buy-back of its outstanding shares for an aggregate amount of up to Rs 1,000 crore,” a company release said.
Reliance Infra will buy-back shares up to a maximum price of Rs 725, a premium of approximately 17% to the last closing share price, it said.
The company has done three buy backs for an aggregate amount of Rs 923 crore.
Meanwhile, Reliance Infra on Monday posted a 10.16% rise in net profit for the quarter ended 31 December 2010, to Rs 405.25 crore. The company had reported a net profit of Rs 367.87 crore for the same period last year.
Total operating income of the company rose to Rs 3,744 crore in the October-December quarter from Rs 3,287 crore in the corresponding quarter a year ago, it added.
Shares of the company were trading at Rs 624, up 1.35% on the Bombay Stock Exchange.
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First Published: Mon, Feb 14 2011. 03 33 PM IST