The share buyback of engineering and infrastructure conglomerate Larsen & Toubro (L&T) that opened on September 18, will close today. The ₹10,000-crore buyback offer will be done via the tender offer route, wherein the shareholders will tender shares at a particular price.
The floor price for the offer was increased to ₹3,200 from ₹3,000 earlier factoring in market sentiment after a strong 15 per cent rally in L&T shares since the announcement of the share buyback.
The board of directors of the company has fixed buyback ratio at 9:38 for small shareholders whereas Larsen & Tourbo buyback ratio for the general category of all kinds of shareholders is 11:574.
In this Larsen & Tourbo buyback offer, the engineering behemoth aims to buy 3.125 crore shares through a tender route, representing 2.4 per cent of the total equity, which amounts up to ₹10,000 crore.
Engineering and infrastructure conglomerate Larsen & Toubro Ltd. (L&T) has announced September 12 as the record date for its historic ₹10,000 crore share buyback.