Larsen & Toubro revises buyback price upward to Rs 3,200 per share

Engineering conglomerate Larsen & Toubro (L&T) on Monday said the company’s board has approved an upward revision in its proposed buyback price to Rs 3,200 per share, from the earlier Rs 3,000, with a corresponding reduction in the maximum number of shares to be bought back.

R Shankar Raman, Whole Time Director and chief financial officer, said, “To successfully complete the proposed buyback plan, thereby realising its RoE objective, and considering the present market sentiments, the company has decided to increase the buyback price to Rs 3,200 per equity share from the earlier announced price of Rs 3,000.