After a slow start, Reliance Industries Ltd ( RIL)alt39 s share buyback programme seems to have gathered pace with the company having acquired stocks worth Rs 1,481 crore or 14% of its Rs 10,440 crore share repurchase offer launc
hed in February.
RIL slipped to as low as Rs 692 on Friday, which is much below the buyback price of Rs 870 per share.
Between February 14 and May 24, the countrys second- most valued firm purchased 1.92 crore shares at an average price of Rs 771 apiece. Although, the buyback begun in February, it gained momentum in May as the company has picked up about 1.20 crore shares this month compared to 29.89 lakh shares in April.