New Delhi: India Inc's buyback plans seem to be picking up pace with companies that began their share repurchase programmes since the beginning of 2012 having so far acquired stocks worth over 30 percent of their targets.

As many as 17 Indian firms began their respective share buybacks in 2012 for a collective amount of 11,986 crore, out of which IT firm Kale Consultants has managed to complete its equity repurchase scheme.

Buyback is the repurchase of outstanding shares by a company in order to reduce the number of shares on the market.

Together, the 17 companies have so far bought shares worth an estimated 3,664 crore.

These include Mukesh Ambani-led Reliance Industries (RIL) that began a buyback programme of 10,440 crore early this year, but has so far purchased shares worth only 3,239.40 crore. This accounts for 31 percent of the total amount earmarked for buyback.

RIL shares have been trading at 780 level, which is much below the maximum price of 870 per share fixed for the buyback plan.

"The overall share buybacks have gained pace in the last three months because market has corrected sharply. These companies had acquired equity worth just about 7 percent of the overall target till May 8," Destimoney Securities MD and CEO Sudip Bandhopadyay said.

He further said: "RIL has contributed hugely to the overall share purchase programme plan".

Between February 14 and August 21, RIL has purchased shares worth 3,239.40 crore for an average price of 831.

RIL announced in January it would buy back up to 12 crore shares at a maximum value of 10,440 crore, its first share buyback since 2005 and the biggest ever in India. The buyback which opened on February 1, 2012 is slated to close on January 19, 2013.

Out of the 17 companies, Kale Consultants is the only one firm which has completed its 12.97 crore buyback in May.

Market analysts believes that buyback programmes have gained steam in the last three months as market has corrected sharply, although the momentum is lacking for a few.

Kirloskar Oil Engines, which began its 74 crore share purchased programme in March has bought only seven shares, while Tips Industries that started its buyback programme this week has not purchased a single share so far.

Other players which have launched buyback programme in this year are Valiant Communications, Ansal Housing & Construction, Monnet Ispat, Ece Industries, GeeCee Ventures Ltd, Sasken Communication and Gemini Communication.

JK Lakshmi Cement, Indiabulls Real Estate, United Phosphorus, Zee Entertainment Enterprises, Allcargo Logistics and LKP Finance are also buying back their shares.