L&T proposes Rs 9,000 cr share buy back offer

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Mumbai, Aug 23 (IANS) Indian multinational Larsen & Toubro’s (L&T) Board has approved a proposal to buy back equity shares worth Rs 9,000 crore.

According to a regulatory filing to the BSE, the company’s Board on Thursday approved a proposal to buy back up to six crore equity shares which represent 4.29 per cent of the total paid up equity share capital of the firm.

The proposal offers a maximum price of Rs 1,500 per equity share.

“The buy back is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Regulations and the Companies Act, 2013 and rules made thereunder,” the filing said.

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“The buy back is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buy back regulations.”

–IANS

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