L&T proposes first-ever buyback, size could be up to Rs 123 billion

Engineering conglomerate Larsen & Toubro (L&T) on Saturday said its board would consider a proposal for buyback of equity shares next week. If approved, this would be the first-ever buyback by the firm. 

"The board of directors will consider a proposal for buyback of equity shares at its meeting on Thursday," L&T said in a notice to stock exchanges on Saturday. The company is holding its annual general meeting on Thursday. 

If approved, L&T will join companies such as Tata Consultancy Services (buyback size of Rs 160 billion) and HCL Technologies (Rs 40 billion), which have announced buybacks in the