Infrastructure major Larsen & Toubro on Thursday said its board approved a share buyback worth Rs 9,000 crore. The board of directors, in a meeting held on Thursday, approved a proposal to buy back up to six crore shares, amounting to 4.29 per cent of the total paid-up equity share capital, at a maximum price of Rs 1,500, L&T said in a regulatory filing.
Larsen & Toubro said the share buyback is subject to approval of the members by means of a special resolution through a postal ballot. The process, timelines and other requisite details will be released in due course, it added.
Shares in Larsen & Toubro jumped nearly 3 per cent on Thursday, after the announcement of share buyback.
At 12:05 pm, L&T shares were trading 2.5 per cent higher at Rs 1,355.65 apiece on the NSE, whose benchmark index Nifty was trading flat.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.