Rel Infra to buy back ₹1,000 cr worth shares at ₹725/piece
Rel Infra to buy back ₹1,000 cr worth shares at ₹725/piece
New Delhi:Anil Ambani-led Reliance Infrastructure on Monday said it would buy back ₹ 1,000 crore worth of shares at a price of ₹ 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 ₹ 1,000 crore," a company release said.
Reliance Infra will buy-back shares up to a maximum price of ₹ 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 ₹ 923 crore.
Meanwhile, Reliance Infra on Monday posted a 10.16% rise in net profit for the quarter ended 31 December 2010, to ₹ 405.25 crore. The company had reported a net profit of ₹ 367.87 crore for the same period last year.
Total operating income of the company rose to ₹ 3,744 crore in the October-December quarter from ₹ 3,287 crore in the corresponding quarter a year ago, it added.
Shares of the company were trading at ₹ 624, up 1.35% on the Bombay Stock Exchange.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!