L&T rallies on announcing share buyback price
The buyback prices shows premium of 18.53 per cent against the previous close of Rs 1244.45.
By ETMarkets.com |
BCCL
Shares of Larsen & Toubro advanced on Thursday after the company on Wednesday informed bourses that the buyback committee at its meeting held on October 3 has fixed price of buyback of equity shares at Rs 1,475.
The buyback prices shows premium of 18.53 per cent against the previous close of Rs 1244.45.
The company will buyback up to 6,10,16,949 equity shares at a price of Rs 1,475 per equity share, aggregating to a total consideration not exceeding Rs 9,000 crore.
L&T has fixed October 15, 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company.
The scrip was trading 1.69 per cent up at Rs 1265.50 (IST), while the benchmark BSE Sensex was down 695 points, or 1.93 per cent, at 35,280 at around the same time.
The buyback prices shows premium of 18.53 per cent against the previous close of Rs 1244.45.
The company will buyback up to 6,10,16,949 equity shares at a price of Rs 1,475 per equity share, aggregating to a total consideration not exceeding Rs 9,000 crore.
L&T has fixed October 15, 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company.
The scrip was trading 1.69 per cent up at Rs 1265.50 (IST), while the benchmark BSE Sensex was down 695 points, or 1.93 per cent, at 35,280 at around the same time.
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