Larsen and Toubro fixes September 12 as record date for share buyback

Larsen and Toubro (L&T) has fixed September 12, 2023 as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company's share buyback plan. On July 25, the board of directors of the company approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on buyback. On August 25, shareholders of the company approved the buyback of up to 3,33,33,333 fully paid-up equity shares of face value of Rs 2 each for an aggregate consideration not exceeding Rs 10,000 crore at a price of Rs 3,000 per equity share on a proportionate basis by way of a tender offer route using stock exchange mechanism. In a public notice on Monday, the company said the equity shares proposed to be bought back shall be divided into two categories -- reserved category for small shareholders and the general category for other eligible shareholders. On the objectives behind the move, the company said it had formulated its "Lakshya 26 ...

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