Mumbai: The Anil Ambani-promoted Reliance Energy has bought back 6,50,000 equity shares of the company since the start of the offer on Tuesday at nearly Rs 1,279.23 a share aggregating Rs 831.5 mn ($21 mn).

The company's board had approved the buyback of equity shares up to Rs 8 bn ($200 mn), amounting to 10% of the company`s equity and free reserves. The remaining Rs 12 bn was intended for sale in the second phase, subject to necessary approvals by the shareholders.

JM Financial Consultants is the manager to the buyback offer. At noon on Friday, shares of the company were trading at Rs 1,310, up by Rs 28.20 from its previous close at the Bombay Stock Exchange.

Source : IANS