L&T proposes Rs 9,000 cr share buy back offer
Thursday - August 23, 2018 9:06 pm ,
Category : BUSINESS
L&T proposes Rs 9,000 cr share buy back offer
Mumbai Aug 23 (IANS) Indian multinational Larsen & Toubro s (L&T) Board has approved a proposal to buy back equity shares worth Rs 9 000 crore.
According to a regulatory filing to the BSE the company s Board on Thursday approved a proposal to buy back up to six crore equity shares which represent 4.29 per cent of the total paid up equity share capital of the firm.
The proposal offers a maximum price of Rs 1 500 per equity share.
"The buy back 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 " the filing said.
"The buy back is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process timelines and other requisite details will be released in due course in accordance with the buy back regulations."
--IANS rv/sed
According to a regulatory filing to the BSE the company s Board on Thursday approved a proposal to buy back up to six crore equity shares which represent 4.29 per cent of the total paid up equity share capital of the firm.
The proposal offers a maximum price of Rs 1 500 per equity share.
"The buy back 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 " the filing said.
"The buy back is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process timelines and other requisite details will be released in due course in accordance with the buy back regulations."
--IANS rv/sed
