LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

In a Category First, L&T Announces Rs 9,000 Crore Share Buyback

The cash-rich L&T, which is one of the most diversely held companies in the country, plans to buy back 6 crore shares at a maximum price of Rs 1,500 apiece, which is over 13 per cent premium to Tuesday's closing price of Rs 1,322.15.

PTI

Updated:August 23, 2018, 9:07 PM IST
facebookTwittergoogleskypewhatsapp
In a Category First, L&T Announces Rs 9,000 Crore Share Buyback
File photo of L&T's logo. (Image: REUTERS)
Loading...
Mumbai: In a first in the segment, the board of engineering major Larsen & Toubro (L&T) on Thursday approved a Rs 9,000-crore share buyback proposal to reward shareholders.

The cash-rich L&T, which is one of the most diversely held companies in the country, plans to buy back 6 crore shares at a maximum price of Rs 1,500 apiece, which is over 13 per cent premium to Tuesday's closing price of Rs 1,322.15.

The buyback is worth 4.29 per cent of the paid-up equity capital.

The announcement boosted the L&T counter by over 3.5 per cent in a dull trade, and the stock settled with a 2.30 per cent gain at Rs 1,352.50 on the BSE whose benchmark Sensex settled nearly flat with a 0.13 per cent upside.

"The buyback is a positive indication of what we are and what the economy is and where we stand. Amongst infrastructure companies, this is the first buyback," chief executive & managing director SN Subrahmanyan told reporters on the sidelines of the 73rd annual shareholders meet.

Subrahmanyan further said the company has a good amount of cash-in-hand and is hopeful that it will generate further cash from the order backlog and from the ongoing projects.

"We do have capex and as we look into the future we have plans for other businesses. We'll continue to pay dividend, but in spite of that we will continue to have surplus cash," he said adding the company has been promising its shareholders that it will increase the return on equity.

"So keeping all these in mind and the fact that we have a robust balance-sheet backlog and future earnings, we thought why not return some of the money to the shareholders to whom it belongs," Subrahmanyan said.
| Edited by: Parth Sharma
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Reliance 1,184.35 4.40
Jet Airways 281.20 -1.44
Yes Bank 198.60 -1.44
HUL 1,744.10 -0.42
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Reliance 1,182.95 4.34
ICICI Bank 371.90 -0.39
Jet Airways 281.35 -1.21
Yes Bank 198.25 -1.59
Top Gainers
Company Price Change %Gain
Reliance 1,184.35 4.40
Wipro 346.15 3.21
Kotak Mahindra 1,240.20 1.66
Hindalco 208.80 1.36
Adani Ports 399.30 1.22
Company Price Change %Gain
Reliance 1,182.95 4.34
Kotak Mahindra 1,237.35 1.41
HCL Tech 964.50 1.02
Asian Paints 1,401.30 0.85
ONGC 146.25 0.79
Top Losers
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Bharti Airtel 311.15 -6.29
GAIL 322.15 -3.08
Larsen 1,317.90 -2.09
HPCL 239.50 -1.92
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Bharti Airtel 310.95 -6.42
Larsen 1,318.25 -2.07
Axis Bank 664.30 -1.77
Yes Bank 198.25 -1.59

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results