Reliance Energy spends Rs 220 cr to buy-back

Anil Ambani-led Reliance Energy said it has bought shares worth over Rs 220 crore on Friday, representing 25 per cent of the buyback offer.

The company has completed the buyback of 17.80 lakh equity shares worth Rs 220.97 crore till friday, a company release said.

Reliance Energy bought back four lakh equity shares on Friday, which marks a significant increase as compared to an average buyback of about 1.5 lakh shares since the commencement of the offer on March 25.

The last date for the buyback would be March 4, 2009, a year from the date of the Board's approval for the offer on March 5, 2008.

The company's Board of Directors had approved the buyback of shares worth about Rs 800 crore. Shares of Reliance Energy closed at Rs 1166.35, down 1.94 per cent, on the BSE.