RIL to buy back shares at Rs.870

Reliance Industries Limited (RIL) is going to buy back it’s shares at Rs.870 per share.
The Board of Directors of RIL have approved the buyback of upto 12 crore fully paid up equity shares of Rs.10/- each at a price not exceeding Rs 870 per equity share, payable in cash, upto an aggregate amount not exceeding Rs.10,440 crore from the open market through Stock Exchange(s). This decision was made at its meeting held on January 20, 2012.

RIL stock trades at CMP of Rs.792.65 as on 20th January, 2012. This maximum buyback price of Rs.870 indicates almost 10 % premium over CMP.