Larsen & Toubro revises buyback price upward to Rs 3,200 per share

"The company is confident that the shareholders will take advantage and benefit from the buyback offer," Shankar Raman, Whole Time Director and chief financial officer, said

Engineering conglomerate Larsen & Toubro (L&T) on Monday said the company's board has approved an upward revision in its proposed buyback price to Rs 3,200 per share, from the earlier Rs 3,000, with a corresponding reduction in the maximum number of shares to be bought back.

R Shankar Raman, Whole Time Director and chief financial officer, said, "To successfully complete the proposed buyback plan, thereby realising its RoE objective, and considering the present market sentiments, the company has decided to increase the buyback price to Rs 3,200 per equity share from the earlier announced price of Rs 3,000. The company is confident that the shareholders will take advantage and benefit from the buyback offer."

In its announcement to BSE, the company said the maximum number of equity shares proposed to be bought back by the company has been reduced to 3,12,50,000 (Three Crore Twelve Lakh Fifty Thousand), representing 2.22 per cent of the total paid-up equity shares of L&T, from the earlier 3,33,33,333 (Three Crore Thirty-Three Lakh Thirty-Three Thousand Three Hundred and Thirty-Three) fully paid-up equity shares.