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Reliance Energy extends time for share buyback
NEW DELHI,
DEC. 20.
Coinciding with Reliance Industries' announcement of considering buying back its shares, the Anil Ambani-controlled Reliance Energy has extended the time for its own buy-back programme by another 90 days till March 17, 2005.
The company had announced on June 14 that it would buy back 10 per cent of its equity shares at a price of Rs. 525 each and had made a provision of Rs. 350 crores for the same. Reliance Energy had said that June 8, 2005 would be the last date for buy-back, but the offer was open initially for 90 days till September 18 which was subsequently extended till December 17. This is for the third time the company has decided to extend the time for its investors to send their requests.At the time of announcement of the buy back offer, the company had stated an equity capital of Rs 205.69 croreThe company sent extension notice to Bombay Stock Exchange recently.
PTI
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