Larsen and Toubro Ltd.'s Rs 10,000 crore buyback was subscribed over seven times, led by qualified institutional buyers.
The construction company announced the purchase of 3.13 crore shares, or 2.22% of the total equity, on July 25. The buyback has been subscribed for a total of 22.55 crore shares as of Sept. 25, according to combined data from BSE and NSE.
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Qualified institutional buyers subscribed for 14.47 crore shares in the company, followed by individual investors, who subscribed for 2.21 crore shares, and non-institutional investors with 0.15 crore shares, according to BSE data
The share buyback attracted the maximum price set by the company at Rs 3,200 apiece, which is a 10.23% premium to Monday’s closing price of Rs 2,902.95 apiece.
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