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.

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