After a slow start, Reliance Industries Ltd (RIL)’s share buyback programme seems to have gathered pace, with the company having acquired stocks worth Rs 1,481 crore since launch of the share repurchase offer in February.
According to information available with the bourses, the Mukesh Ambani-led RIL that began a buyback programme of Rs 10,440 crore early this year, has so far purchased shares worth Rs 1,481.66 crore. This translates to about 14 per cent of the total amount earmarked for purchase of shares. Between February 14 and May 24, the country's second-most valued firm purchased 19.2 million shares at an average price of Rs 771 apiece.
Although, the buyback begun in February, it gained momentum in May, as the company has picked up about 12 million shares this month compared to 2.98 million shares in April. RIL had bought back 2.25 million shares in March and just 0.54 million shares in February, respectively.