Tuesday 31 January 2012
RIL's $2 bn share buyback opening on 01 Feb 2012
Reliance Industries climbed more than two percent on Tuesday ahead of the opening of its $2 billion share buyback -- the largest ever in the country's capital market history.
The company, whose shares are held by one out of every four Indian investors, plans to spend up to 104 billion rupees ($2 billion) to buy back its shares in a bid to bolster its sagging performance.
Reliance's 2012 buyback will begin on Wednesday and close January 19 next year, the company said in a statement Monday. This is Reliance's second buyback since December 2004.
The company, whose shares are held by one out of every four Indian investors, plans to spend up to 104 billion rupees ($2 billion) to buy back its shares in a bid to bolster its sagging performance.
Reliance's 2012 buyback will begin on Wednesday and close January 19 next year, the company said in a statement Monday. This is Reliance's second buyback since December 2004.
