Engineering and construction conglomerate Larsen & Toubro (L&T) on Thursday, July 20, said it will consider a proposal for the buyback of equity shares of the company in a meeting scheduled for Tuesday, July 25.

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Back in 2019, market regulator Sebi had denied permission to engineering major for its Rs 9,000 crore share buyback offer. L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore.

Also, the board will consider a proposal for a special dividend on equity shares for the financial year 2023-24. If approved, the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend shall be Wednesday, August 2, 2023, it said in a BSE filing.

Further, the meeting will also see the board approve the unaudited consolidated and standalone financial results for the quarter ended June 30.

A buyback reduces the number of shares available in the open market.

Shares of Larsen and Toubro Ltd ended at Rs 2,489.60, down by Rs 4.55, or 0.18 percent on the BSE.

First Published:Jul 20, 2023 4:33 PM IST