For Quick Alerts
For Daily Alerts

L&T's First Ever Share Buyback Proposal Approved by Board, Share Price Surges


Larsen and Toubro Ltd (L&T) has said that it's boards of directors have approved the proposal to buy back up to 6 crore equity shares of the company at a maximum price of Rs 1,500 apiece for an aggregate amount of Rs 9,000 crore. It will be the company's first ever share buyback. The buyback is 4.29 percent of the total paid up equity share capital.

L&T's First Ever Share Buyback Proposal Approved by Board, Share Price Surges

The share price of L&T jumped as much as 1.5 percent after the announcement to Rs 1,342.

In the past two years, the company has raised over Rs 4,500 crores by divesting assets including proceeds from IPO (initial public offering) of L&T Infotech and L&T Technology Services, selling general insurance unit and the Kottupalli port. For the financial year 2017-18, its cash and equivalents rose to Rs 6,824 crore from Rs 3,526 crore in the previous fiscal.

Companies are allowed to buy back 10 percent of the total equity (paid-up capital and free reserves) with the board approval and up to 25 percent with shareholders' approval, according to the Companies Act.

Read more about: l ampt larsen and turbo
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more