REL Gets Shareholders Nod For Name Change, Share Buyback
Anil Ambani group company Reliance Energy Limited (REL) announced that the company’s shareholders have given the nod to change the name of the company to ‘Reliance Infrastructure’ and to buy back 25% of the paid-up equity share capital and Free Reserves up to Rs. 2000.14 cr.
Besides this, the shareholders have also sanctioned to waive the company’s entitlement to take delivery of 2.57% of the post bonus issue shareholding including 6.15 crore shares in Reliance Power from Anil D Ambani.
Meanwhile, with the approval of the Board, Reliance Energy had already started buy-back of shares and has so far bought-back 20,38,551 equity shares aggregating Rs 250.75 crore.
REL’s fully diluted equity capital is Rs 2,795.3 million, and its market capitalization is about Rs 420 billion (USD 10.5 billion).