Larsen & Toubro Sets Record Date For Buyback Plan of 3.33 Cr Shares

Bluechip construction company Larsen & Toubro (L&T) on Saturday finalized record date for its buyback plan. 3.33 Cr shares with a face value of 2 rupees each is a buyback plan by the firm for a total of Rs 10,000 crore. The buyback proposal of 3.33 Cr shares of L&T represents 2.4 percent of the fully paid-up equity share capital of the company.

The maximum price for share buyback which will be accomplished through a tender route, has been set at Rs 3,000 representing a premium of 13.66% over the closing price of the stock on Friday.

While announcing the record date for share buyback, L&T informed stock exchanges on Saturday that "Pursuant to regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regulation 9(i) of SEBI (Buy-Back of Securities) Regulations, 2018, the Company has fixed September 12, 2023 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback."

On Friday, the shares of Larsen & Toubro closed on the BSE at Rs 2639.45 apiece down by 1.79% compared to the previous close of Rs 2687.50. The stock made a 52-week-high of Rs 2,767.00 on (24/08/2023) and a 52-week-low of Rs 1,798.00 on (29/09/2022). During Q1FY24, the company recorded FIIs shareholding of 25.29%, DIIs stake of 38.01%, Govt stake of 0.23%, and public stake of 36.47%.

Commenting on L&T share price target, AR Ramachandran from Tips2Trades said, "Larsen and Toubro looks bearish on the Daily charts with strong resistance at 2767. A daily close below support of 2623 could lead to a target of 2520 in the near term."

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