No buyback from promoters: Reliance

Reliance Industries (RIL) Will not buy shares from promoters or through negotiated deals under the buyback arrangement to allay fears of insider trading.

"The RIL board confirmed that the company shall not purchase shares under the buyback programme from the promoters or from any person in control through negotiated deals or private arrangement, and that funds borrowed from banks or FIs will not be used for the buyback," according to a release issued to the BSE.

The board recently approved buyback of shares at Rs 570 per share, and made a provision of Rs 2,999 crore for the purpose.

"The buyback would be made out of free reserves and/or the securities premium account of the company by open market purchases through the stock exchanges as per Sebi regulations," the release said.