Companies & Sectors
RIL buys back 3.18 crore shares for Rs2,270.05 crore as on 26th June

RIL has bought back 3,18,08,300 shares at Rs 713.67 per share deploying Rs2,270.05 crore as on 26th June

Mumbai:  Reliance Industries Ltd (RIL) has bought back 3,18,08,300 shares at an average price of Rs 713.67 per share deploying Rs2,270.05 crore as on 26th June, the company said in a statement today.

RIL's board had approved buyback of up to 12 crore shares or 7.22% on 20th January 20 2012.

The company's board had fixed the buyback price at Rs870 per share and the maximum payout at Rs10,440 crore. The buyback opened on 1 February 2012 and the closing date for the buyback is 19 January 2013.
 

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RBI asks Kotak Bank to cut promoter stake to 20% by FY17-18

While ordering the bank to cut its promoter stake by 20% by March 2018, the apex bank has indicated that it will take a view on further dilution to 10% over two years after that date

Mumbai: The Reserve Bank (RBI) has asked Uday Kotak-led Kotak Mahindra Bank to more than halve promoters' holding to 20% by March, 2018 from the present 45.21%, reports PTI.

"The RBI has advised the bank that the promoters' shareholding, now at 45.21%, be brought down to 20% by 31 March 2018," a bank statement said here.

Additionally, the RBI has also indicated that it will take a view on further dilution to 10% over two years after that date, it said.

The Mumbai-headquartered private sector lender will also have to comply with any new prescription on promoter's holding slated to come up in the new bank guidelines, the statement said.

Kotak Mahindra Bank scrip shed 1.26% to close at Rs572.40 apiece on the BSE, while the 30-share Sensex gained 0.36%.
 

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Economy & Nation Exclusive
Kingfisher nose-dives 13% as lessors recall 34 planes

As per reports, lessors have taken back 34 aircraft from Kingfisher between March and June, owing to non-payment of lease rentals of around Rs 1,000 crore

 

Mumbai Shares of Kingfisher Airlines today tumbled over 13% following reports that lessors have taken back 34 aircraft due to non-payment of lease rentals, reports PTI.

Despite positive opening, shares of the company lost ground as the trade progressed and plunged 13.47% to Rs 11.62 on the BSE in morning trade. The stock ended the day at Rs12.35, down 8.04%.

Similarly, on the National Stock Exchange (NSE), the stock tanked 13.05% to Rs 11.65 and settled at Rs12.35, down 7.84%.

As per news reports, lessors have taken back as many as 34 aircraft from Kingfisher between March and June, owing to non-payment of lease rentals of around Rs1,000 crore.

The airline, however, said it has returned these aircraft voluntarily and that no aircraft was taken back by lessors by ‘force’.

The Vijay Mallya-promoted airline, which is sitting on a debt pile of over Rs7,500 crore, had reported a loss of 1,151.5 crore for the quarter ending March.

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