Special dividend in honour of Chairman Naik: L&T

Infrastructure major Larsen & Toubro will pay out a special dividend of Rs 6 per share to its shareholders to honor the six decades of service by retiring Chairman A M Naik, CEO & Managing Director, S N Subrahmanyan, said in a letter to employees on July 31.

"The Board decided to honor, with a special dividend - One for Each Magnificent Decade -in which Mr Naik transformed L&T.The Rs 6 dividend to shareholders is only a token of our affection, esteem, and, most importantly, gratitude towards A M Naik," SN Subrahmanyan said.

Naik will be retiring from L&T on September 30, 2023. On August 9, he will be attending his 25th annual general meeting.


In addition to the special dividend of Rs 6 per equity share, L&T had declared a final dividend of Rs 24 per equity share of the face value of Rs 2 each for the year ended March 2023.

L&T also announced a Rs 10,000 crore buyback last week.

On Monday, L&T's scrip ended at Rs 2679.90, up 1.12% on the BSE. Benchmark Sensex ended 0.56% higher.