Great news for Reliance Energy shareholders- Reliance Energy has bought back 650,000 equity shares of the company since the start of the offer on Tuesday at nearly Rs 1,279.23 (a share aggregating to Rs 831.5 million ($21 million))  driving the share up by Rs 28.20 to  Rs 1,310/share.

The company’s board had approved buy-back of equity shares up to Rs 8 billion ($200 million), amounting to 10 per cent of the company’s equity and free reserves.

The remaining Rs 12 billion was intended for sale in the second phase, subject to necessary approvals by the shareholders. 

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