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Shares of Larsen & Toubro Ltd jumped as much as 2.8 per cent to Rs 1,359, highest since June 14, as the company has approved share buyback worth up to Rs 9,000 crore ($1.28 billion).
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.
he 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.
Over 4.8 million shares changed hands, double the 30-day average of 2.4 million shares. The stock had ended nearly 7 per cent firmer on Monday after the company discussed about the share buyback proposal.
(With inputs from Reuters)
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