L&T Buyback Update: September 12 set as record date for Rs 10,000 crore buyback

Timeline for the opening and closing of the share buyback is yet to be disclosed. Read this piece to know more about tender offer buybacks and share buybacks in general.

Last month, L&T announced a Rs 10,000 crore share buyback, the first in its history.

To recall, the engineering major's board back in August 2018 approved its first buyback in 80 years of the firm’s history, for up to 4.29 percent of its paid-up equity capital, aggregating to a value of about Rs 9,000 crore. The proposal was turned down by the capital markets regulator Sebi, citing compliance issues over its post-buyback debt-equity ratio.

The engineering major recorded a net profit of Rs 2,493 crore, up 46 percent year-on-year. Consolidated revenue for the quarter was at Rs 47,882 crore, up 34 percent as against Rs 35,853 crore in the year-ago period.

Shares of L&T have risen as much as 9 percent to a record high of Rs 2,756 since the buyback announcement was made. The stock ended Friday's session lower at Rs 2,632.