** Shares of Australia's Reece REH.AX rise as much as 3.6% to A$13.075, their highest since August 22

** Plumbing products maker announces a A$50 million ($33.05 million) increase to its on-market share buyback target

** The increase sets the total buyback target at A$85 million, which will be funded by its existing cash reserves and debt facilities

** REH down 41.8% YTD

($1 = 1.5129 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))