RIL board approves share buyback worth up to Rs 10,440 crore

Reliance Industries (RIL), the Mukesh Ambani-led energy giant on Friday informed the Bombay Stock Exchange that the company will buy back shares to the amount of Rs 10,440 crore.

"The Board of Directors at its meeting held on January 20, 2012, have unanimously approved the buyback of up to 12 crore fully paid up equity shares of Rs 10 each at a price not exceeding Rs 870 per share, payable in cash upto an aggregate amount not exceeding Rs 10,440 crore from the open market through stock exchanges," the statement said.

Shares of the company closed 1.04 per cent higher on Friday, before the company announced its quarterly earnings.

More details awaited