L&T announces first ever buyback worth Rs 100 billion

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.