Larsen & Toubro: Buyback Plan of 3.33 Cr Shares

Larsen & Toubro (L&T) decided the record date for the buyback plan on Saturday. The company has a buyback plan for 3.33 Cr shares with a face value of 2 Rupees each, totaling Rs 10,000 crore. 2.4% of the company's fully paid-up equity share capital is proposed to be repurchased, or 3.33 Cr shares of L&T.

The maximum price for the tender-based share buyback has been set at Rs 3,000, which represents a premium of 13.66% over the stock's Friday closing price.

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."

Source: Media Reports