New Delhi: The country's most-valued firm Reliance Industries on Tuesday said its Rs 10,440 crore share buyback offer will start from February 1 and closes on January 19, 2013.
In a public announcement, Reliance Industries said that the buyback which is possibly the largest such programme in the history of the Indian capital market, would start on February 1 and closes on January 19 next year (12 months from the date, the board of directors of the company approved the buy back).
RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback since 2005.
"The buyback is expected to increase shareholder value. The buyback of equity share will result in reduction of number of shares accompanied by possible increase in earnings per share and return on capital employed," RIL said. ...
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