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Reliance announces Rs 11 bn buyback plan

Apr 12, 2000

Reliance Industries Limited has announced a plan to buyback its stocks at Rs 303 per share. The company has set aside Rs 11 bn for the purpose. According to traders the move is likely to adversely affect sentiment. This is so because the price at which the company plans to buyback its stock is at a discount to the existing price in the markets (Rs 334). Market expectations had been running high that the buyback would be at a substantial premium to the current price.

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