Reliance head says at 22.5 pct of share buyback target

Last Updated: Thu, Jun 07, 2012 06:00 hrs

MUMBAI, June 7 (Reuters) - India's Reliance Industries has bought back 27 million shares to date, 22.5 percent of its share buyback target, Chairman Mukesh Ambani said.

Reliance announced in January it would buy back up to 120 million shares at a maximum value of 104.4 billion rupees ($1.9 billion), its first share buyback since 2005 and the biggest ever in India.

The energy-focused conglomerate reported its second consecutive quarterly drop in profit during the three months to March, its shares are near a three-year low, and its rising cash pile has fuelled investor disquiet. ($1 = 55.1 Indian rupees) (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)

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