The L&T Board recently set a remark in the global market. Its Infrastructure major Larsen & Toubro said that board approved a share buyback worth Rs. 9,000 crore. The directors of boards meeting were held and approved a proposal to buy back up to six crore shares, amounting to 4.29 per cent of the total paid- up equity share capital, at a maximum price of Rs 1,500.
The company authority has said that “the share buyback is subject to the approval of the members by means of a special resolution through a postal ballot. It also further added that process, timeline and other requisite details will be released in due course as the company shares jumped 3 per cent and then the announcement was made of share buyback.”
As is seen that the company whose benchmark index Nifty was trading flat and share were trading 2.5 per cent higher at Rs 1,355.65.