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REL plans buyback of shares

MUMBAI, MAY 31. Reliance Energy Ltd is planning to buyback part of its equity shares from the market.

The board would consider a proposal to buyback shares at its meeting scheduled on June 9, REL said in a release here today.

The promoter group, including Reliance Power Ventures, holds 48.1 per cent stake in the power company as on March 31, 2004, according to shareholding data available with the BSE.

The institutional stake including that of foreign institutional investors is 36.42 per cent while the Indian public holds 6.62 per cent in REL. The global depository receipt investors have a 8.17 stake in the company as on March 31, 2004.

PTI

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