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Larsen & Toubro raises buyback price to Rs 3200; Stock soars 3.4%

Sep 12, 2023

By: BlinkX Research Team

Larsen & Toubro Ltd (L&T) informed to the exchanges on Monday that it has revised its share buyback price higher to Rs 3,200 from Rs 3,000 after a surge in its stock price over the last one month. 

In addition to this, maximum number of equity shares proposed to be bought back by the company has also been reduced from 3,33,33,333 shares to 3,12,50,000 shares (2.22 percent), the company informed.

Engineering & Infrastructure conglomerate L&T has become the second one in recent times after BSE Ltd. to revise its share buyback price.

The company set the buyback record date as Tuesday, September 12 and the exact timeline of the opening and closing of the buyback issue is yet to be declared.

In a regulatory filing, the company said, “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.”

Further, Shankar Raman, Whole Time Director and chief financial officer, said, "the company is confident that the shareholders will take advantage and benefit from the buyback offer." 

On Tuesday early morning session, shares of L&T were trading higher by 3.38% at Rs 2991.90 per share on the BSE.