Rel Energy shareholders approve name change

The shareholders of Reliance Energy have consented to change the name of the company to Reliance Infrastructure, and buy back shares of up to 25% of the paid capital and free reserves aggregating Rs 2,000 crore.

They have also approved to waive the company's entitlement to receive bonus shares proposed by Reliance Power in addition to accept the gift of 2.57% shares of Reliance Power from Anil D Ambani.

Meanwhile, Reliance Energy has already commenced buyback of shares up to an amount not exceeding 10% of the paid up equity share capital and free reserves (including securities premium) of the company aggregating Rs 800.06 crore. Pursuant to the approval, the company has so far bought back 20,38,551 equity shares aggregating Rs 250.75 crore.