MUMBAI: Larsen & Toubro, India’s largest engineering company, will buy back shares worth Rs 10,000 crore, in its second attempt to repurchase stock after four years. L&T’s board on Tuesday approved the repurchase of 3. 3 crore shares having a face value of Rs 2 each at a maximum price of up to Rs 3,000 apiece, returning cash to investors at a substantial premium to Tuesday’s closing price of Rs 2,562.
In 2019, L&T had to drop its Rs 9,000-crore share buyback plan after Sebi rejected it for being non-compliant with rules. If the company successfully completes the share buyback programmethis time, it will be its first such capital distribution to shareholders since it got listed in 1950.
