"Board of Reliance Infrastructure today approved a buyback of its outstanding shares for an aggregate amount of up to Rs 1,000 crore," a company release said.
R-Infra will buy back shares up to a maximum price of Rs 725, a premium of about 17% to the last closing share price, it said.
The company has done three buy backs for an aggregate amount of Rs 923 crore.
Meanwhile, R-Infra today posted a 10.16% rise in net profit for the quarter ended December 31, 2010, to Rs 405.25 crore. The company had reported a net profit of Rs 367.87 crore for the same period last year.
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Total operating income of the company rose to Rs 3,744 crore in the October-December quarter from Rs 3,287 crore in the corresponding quarter a year ago, it added.
Shares of the company settled at Rs 627, up 1.85% on the Bombay Stock Exchange today.