L&T gets board nod for Rs 9,000-cr buy­back

India Business Journal - - NEWS ROUND-UP -

The board of direc­tors of engi­neer­ing com­pany Larsen & Toubro (L&T) has ap­proved ac­qui­si­tion of 6 crore shares at a max­i­mum of Rs 1,500 apiece. The to­tal buy­back will be worth Rs 9,000 crore. The pro­ce­dure will be com­pleted in 90 days. In a BSE fil­ing, L&T has said that the price for the buy­back will be de­ter­mined by the board or a com­mit­tee. It will be at a pre­mium on the daily av­er­age of the clos­ing prices on the NSE for the twoweek pe­riod prior to the board meet­ing and will be capped at Rs 1,500 per share.

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