Infrastructure major Larsen Toubro on Thursday said its board approved a share buyback worth Rs 9,000 crore.
The board of directors, in a meeting held on Thursday, approved a proposal to buy back up to six crore shares, amounting to 4.29 per cent of the total paid-up equity share capital, at a maximum price of Rs 1,500, LT said in a regulatory filing.Larsen Toubro said the share buyback is subject to approval of the members by means of a special resolution through a postal ballot.
The process, timelines and other requisite details will be released in due course, it added.Shares in Larsen Toubro jumped nearly 3 per cent on Thursday, after the announcement of share buyback.At 12:05 pm, LT shares were trading 2.5 per cent higher at Rs 1,355.65 apiece on the NSE, whose benchmark index Nifty was trading flat.