 "RIL repurchases shares worth Rs 2,512 in biggest buyback")
Reliance Industries has repurchased shares worth Rs 2,512 crore from its public shareholders-making it the country’s biggest share buyback programme ever while overtaking an earlier exercise by Piramal Healthcare.
With this, Mukesh Ambani-led RIL has managed to achieve nearly one-fourth of the targetted amount of Rs 10,440 crore from the buyback programme, which began in February 2012. The company can continue its buyback programme till 19 January, 2013.
As per the latest data, RIL has bought back 3.51 crore shares for an aggregate amount of Rs 2,512 crore till 13 July. So far, Piramal Healthcare had conducted the biggest ever share buyback programme, wherein it repurchased 4.18 crore shares for about Rs 2508 crore.
[caption id=“attachment_379394” align=“alignleft” width=“380”]  Reuters[/caption]
RIL’s buyback programme had begun on a slow pace, but gained momentum in May. The programme was announced with an aim to shore up the value of RIL shares, which have underperformed the markets last year and have been mostly trading on a sluggish note in the recent months as well.
The stock are currently trading near 720 level, which is much below the maximum price of Rs 870 per share fixed for the buyback.
“Reliance has underperformed the markets during last few years. It is not able to perform on the back of the falling output from KG-D6. Another problem with the Reliance is that it is not able to use cash reserves in a very effective manner,” Wellindia Vice-President Research Vivek Negi said.
“Fundamentally, the company is still doing average. But there is no clarity on the future prospects of the company,” he added.
PTI
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