Anil Ambani-led Reliance Infrastructure (R-Infra) today14.02.2011 said it would buy back Rs 1,000 crore worth of shares at a price of Rs 725 a piece.
"Board of Reliance Infrastructure today approved a buyback of its outstanding shares for an aggregate amount of up to Rs 1,000 crore," a company release said.
R-Infra will buy back shares up to a maximum price of Rs 725, a premium of about 17% to the last closing share price, it said.
The company has done three buy backs for an aggregate amount of Rs 923 crore.
Meanwhile, R-Infra today posted a 10.16% rise in net profit for the quarter ended December 31, 2010, to Rs 405.25 crore. The company had reported a net profit of Rs 367.87 crore for the same period last year.
Total operating income of the company rose to Rs 3,744 crore in the October-December quarter from Rs 3,287 crore in the corresponding quarter a year ago, it added.
Shares of the company settled at Rs 627, up 1.85% on the Bombay Stock Exchange on 14th Feb.2011
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Reliance Infrastructure today said it has re-designated its whole-time director Lalit Jalan as Chief Executive Officer but he will not be a part of the company board.
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Its India's largest private sector enterprise in power utility and its a company under the Reliance Anil Dhirubhai Ambani Group banner, one of India's largest conglomerates.
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