The company has become the second one in recent times after BSE Ltd. to revise its share buyback price. Tuesday, September 12 is the record date for the company’s buyback. The exact timeline of the opening and closing of the buyback issue is yet to be declared.
L&T had announced a share buyback worth Rs 10,000 crore on July 25 after its June quarter results, a first in the company’s history after a failed attempt five years earlier in 2018.
Since then, shares have risen nearly 15 percent to an all-time high. They were within Rs 70 of the earlier buyback price of Rs 3,000.
L&T’s move comes after BSE Ltd. also raised its buyback price higher from Rs 816 to Rs 1,080. However, that stock is trading above its revised buyback price as well, having gained nearly 60 percent over the last 11 trading sessions.