Reliance names bankers for buyback

Investment bankers J M Morgan Stanley and DSP Merrill Lynch have been appointed managers and advisors, respectively, for the share buyback proposal of Reliance Industries.

Nimesh Kampani, chairman of J M Morgan Stanley, and Hemendra Kothari, chairman of DSP Merrill Lynch, were present at the Reliance headquarters where the crucial board meeting was held today.

Reliance will seek approval of Sebi before January 10, and the buyback offer would be open for a year, company sources said, adding they would like to complete the process as early as possible.