L&T's board of directors has approved a proposal to buy back up to 6 crore equity shares amounting to 4.29 per cent of the total paid-up equity share capital, at a maximum price of Rs 1,500 per piece. The total buyback will be for an aggregate amount of Rs 9,000 crore.

"The specific price will be determined by the board/committee under the authority of the shareholders in accordance with the SEBI (Buyback of Securities) Regulations, 1998 ("the Regulations"), at a premium over the daily average of the closing prices of equity shares of the company quoted on the National Stock Exchange of India Limited during the two weeks preceding the date of the board/committee meeting subject to the maximum price of Rs 1,500 per share," L&T said in a statement.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Regulations and the Companies Act, 2013 and rules made thereunder.

Shares of L&T were trading 2 per cent higher at Rs 1,348.65 on the BSE.

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