Larsen & Toubro Approves Share Buyback Of Rs 10,000 Crore
Larsen & Toubro Ltd.'s board of directors approved a share buyback proposal of Rs 10,000 crore on Tuesday.
The construction major will buy back 3.33 crore shares—equal to 2.4% of the equity capital—at a maximum price of Rs 3,000 apiece, subject to any increase to the buyback offer price as may be approved by the board or the committee, according to an exchange filing.
Retail investors hold about 21.78% and L&T Employees Trust holds 13.70% stake in the company. L&T is a widely held company and does not have an identifiable promoter.
"The specific price at which the buyback will be made may be determined by the board/committee at an appropriate time," it said.
A special dividend of Rs 6 for the fiscal has also been announced. The record date for the dividend is Aug. 2 and it will be paid on or before Aug. 14.
L&T's first quarter net profit profit rose 46.5% to Rs 2,493 crore in the April–June quarter, beating analysts' estimates due to better project execution across segments.
Shares of L&T closed 1.54% lower at Rs 2,565 apiece, as compared with a 0.04% advance in the benchmark NSE Nifty 50.
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