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