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.
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 strategic plan in FY22. One of the key strategic objectives in Lakshya 26 is to improve return on equity and maximize shareholder value. Increased profitability, release of working capital, higher dividends apart, return of extra capital to shareholders in the form of buyback of shares is one such initiative which can help in meeting these objectives."
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
10:09 PM IST