This is a terrible news. The market price right now is ₹2850, so they are paying less than half their price.
This is the second man made bomb I have come across since the equity of Laxmi Vilas Bank was written off.
Because the promoters have the majority, the resolutions would be passed. They are not asking the share holders to tender them, but have suo moto decided the price.
Though the share holders like me would suffer, it will affect the reputation of the Reliance and in fact that of the unlisted market itself.
By this ruse, they are buying shares worth ₹2850 for ₹1362.
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