Reliance Energy to consider buyback of shares

Mumbai: Reliance Energy promoted by Anil Ambani, on Tuesday said its board will consider buying back the company's shares at a meeting to be held March 5.

"A meeting of the board of directors of the company will be held March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communiqué to the Bombay Stock Exchange.

Buyback means repurchase of outstanding shares by a company in order to reduce the number of shares available for open trading in the market, thus increasing the proportion of shares the company owns.

Shares of the company were up by 3.12 percent at Rs1,673.4 on BSE Tuesday morning.