Larsen and Toubro Ltd board approves buyback of equity shares upto Rs. 10,000 crore

The Board of Directors ("Board") of Larsen and Toubro Ltd at its meeting held today has approved the Buyback of 3,33,33,333 of its fully paid-up equity shares of face value of Rs. 2/- (Rupees Two only) each ("Equity Shares"), from the members of the Company at a Maximum price of up to Rs. 3,000 per Equity Share ("Buyback Offer Price"), subject to any increase to the Buyback Offer Price as may be approved by the Board or the Committee thereof, payable in cash for an aggregate consideration of up to Rs. 10,000 crore (Rupees Ten Thousand Crore only) ("Buyback Size") ( excluding tax on buyback), through the tender offer route through stock exchange mechanism.

The specific price at which the Buyback will be made may be determined by the Board/Committee, at an appropriate time.

Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 2561.95 as compared to the previous close of Rs. 2605.35. The total number of shares traded during the day was 74622 in over 8115 trades.

The stock hit an intraday high of Rs. 2617.80 and intraday low of 2553.60. The net turnover during the day was Rs. 192777207.00.

Source : Equity Bulls

Keywords

LarsenandToubro INE018A01030 Buyback