Larsen and Toubro Limited (L&T) plans to buy back shares worth up to Rs 100 billion from its public shareholders, in the first ever buyback offer. It may offer to buy back a 2.4 per cent stake held by public shareholders through a book building process. If the buyback is approved by the Securities and Exchange Board of India (SEBI), it is likely to be funded primarily through the company’s reserves and surplus.
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