L&T will buy back up to 60 million shares, at a premium of more than 13% over Tuesday's share price, aggregating up to 4.29% of paid-up equity capital.
Larsen & Toubro Ltd. will buy back as much as Rs 9,000 crore of its shares, in a first for the country's largest construction and engineering company.
The company will repurchase 6 crore shares (or 4.3 percent of equity) at Rs 1,500 a piece, according to its stock exchange notification today. The price is higher than the stock's all-time high of Rs 1,470 it clocked on Feb. 01. (Source : Bloomberg)