Mumbai: Reliance Infrastructure's today started its share buy-back to the tune of Rs 1,000 crore through open market purchases.
The shares of Anil Ambani-led firm climbed 1.14 per cent to touch an early high of Rs 685.50 on the Bombay Stock Exchange (BSE).
The Anil Ambani group firm today said the buyback is mainly aimed at reducing short-term volatility in the firm's share price as well as discourage "speculative activity" in its stocks.
In a filing to the stock exchange, the company said, "it will buy-back shares up to a maximum price of Rs 725 per equity share, representing a premium of over 47 per cent to the 52-week low price of Rs 493 per equity share and a premium of about 7 per cent to the last closing share price on the BSE.
Source: PTI
