The equity share buyback of engineering and infrastructure conglomerate Larsen & Toubro Ltd. will open on Monday, September 18, the company informed in its Letter of Offer.
Last date for tendering shares or closing of the buyback will take place on September 25.
Larsen & Toubro announced a Rs 10,000 crore share buyback along with its June quarter results in July. The tender offer buyback was supposed to be carried out at a price of Rs 3,000 per share.
However, over the next month, the company’s stock price rose by nearly 15 percent, even crossing the previous buyback price of Rs 3,000. The stock made an intraday high of Rs 3,009 on September 12.
Therefore, earlier this week, the company intervened and raised its share buyback price to Rs 3,200 from the earlier Rs 3,000. Compared to Wednesday’s closing price, the revised buyback price is at a premium of 10 percent.
The entire buyback process, up till the extinguishment of shares, is supposed to be completed by October 11.
Shares of Larsen & Toubro have opened 0.3 percent higher, currently trading at Rs 2,916.
First Published: Sept 14, 2023 5:13 AM IST