Reliance Industries is panning to buyback its equity shares, and according to reports, it will be the biggest buyback ever seen in the country.

Reliance Industries has said in filings to the stock exchanges in the country that its board of directors will meet on Wednesday to consider approving the buyback, which is expected to about 5 or 6 times bigger than the largest buyback in the country yet.

The company might buy back shares for up to Rs 15,000 crore as it has a networth of Rs 1,51,540 crore as on March 31, 2011. The current rules restrict the amount utilised for a buyback to 10% of the company's networth.

If it decides to utilise the full amount, its buyback will be six times the Rs 2,508 crore buyback completed by Piramal Healthcare in 2011. The younger Ambani is aiming to reduce debt burden on the company, which has resulted in the shares of the company falling 38 percent in the year.

There are no regulations yet on the minimum buyback size, according to reports. The regulator has asked companies to take in at least 25% in recent buybacks.