L&T's Rs 10,000 Crore Buyback Subscribed Over Seven Times

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.

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.