L&T hikes buyback price to Rs 3,200 per share

L&T hikes buyback price to Rs 3,200 per share

Engineering and infrastructure conglomerate Larsen & Toubro (L&T) has hiked the price for its proposed share buyback by Rs 200 to 3,200, even as it reduced the number of shares to be bought to 33.33 million.The total number of shares proposed to be bought back has been reduced from the earlier 31.25 million, it said in a regulatory update.“L&T is focused on enhancing its Return on Equity. In fact, one of the core objectives of the company’s five-year strategic plan ‘Lakshya 2026’ is to maximise shareholder value through improved RoE,” R Shankar Raman, Whole Time Director & CFO at L&T said in a regulatory update.

“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 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,” he added.