L&T board approves Rs 9,000-crore buyback plan

New Delhi: Larsen & Toubro board on Thursday approved the proposal to buy back six crore shares amounting to Rs 9,000 crore to reward its shareholders.

In a stock exchange filing, Larsen & Toubro (L&T) said its board has approved the proposal to buy back six crore shares at a maximum price of Rs 1,500 apiece.

The buyback price is at over 13 percent premium to Tuesday's closing price of Rs 1,322.15 per share.

This is L&T's first-ever share buyback proposal. The buyback size is 4.29 percent of paid-up equity capital of the company.

This year, boards of many IT firms including TCS, HCL Technologies and Mphasis have approved proposals to buy back shares.

Shares of L&T were trading 2 percent higher at Rs 1,348.65 on BSE.