Larsen & Toubro Ltd. has increased the buyback price to Rs 3,200 from Rs 3,000 apiece.
The construction major has also reduced the maximum number of shares proposed to be bought back from 3.33 crore to 3.12 crore—representing 2.22% of the equity capital, according to an exchange filing.
The decision was taken by the company's buyback committee at its meeting held on Monday.
The buyback price represents a premium of 10.57% over the closing market price of the equity shares on the BSE and NSE on the date of the meeting, the statement further said.
L&T is a widely held company and does not have an identifiable promoter.
Also Read: L&T Buyback: All You Need To Know
The buyback is part of L&T's plan to improve its return on equity as part of the group's 'Lakshya 2026' plan. The buyback is expected to boost L&T's earnings per share and ROE.
L&T has set Sept. 12 as the record date for its Rs 10,000 crore share buyback. The plan was announced in July.
Shares of L&T closed 0.18% lower at Rs 2,896.50 apiece, as compared with a 0.89% advance in the benchmark NSE Nifty 50.
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