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Larsen & Toubro Board Approves Rs 9,000 Crore Buyback Plan, It's First Ever

In a stock exchange filing, Larsen & Toubro (L&T) said its board has approved the proposal to buy back six crore shares at a maximum price of Rs 1,500 apiece.

PTI

Updated:August 23, 2018, 12:15 PM IST
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Larsen & Toubro Board Approves Rs 9,000 Crore Buyback Plan, It's First Ever
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New Delhi: Larsen & Toubro board on Thursday approved the proposal to buy back six crore shares amounting to Rs 9,000 crore to reward its shareholders.

In a stock exchange filing, Larsen & Toubro (L&T) said its board has approved the proposal to buy back six crore shares at a maximum price of Rs 1,500 apiece.

The buyback price is at over 13 per cent premium to Tuesday's closing price of Rs 1,322.15 per share.

This is L&T's first-ever share buyback proposal. The buyback size is 4.29 per cent of paid-up equity capital of the company.

This year, boards of many IT firms including TCS, HCL Technologies and Mphasis have approved proposals to buy back shares.

Shares of L&T were trading 2 per cent higher at Rs 1,348.65 on BSE.

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| Edited by: Nitya Thirumalai
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