Introduction:
Larsen & Toubro (L&T) has announced a buyback scheme, offering investors a chance to earn strong returns. The buyback will commence from September 18, 2023, with a price of Rs 3,200 per share. This comes after the company initially set a price of Rs 3,000 per share, which later increased due to a strong boom in the company’s shares.
Strong Returns for Investors:
Investors participating in L&T’s buyback scheme can sell their shares at the revised price of Rs 3,200 per share, earning a profit of Rs 300 per share. As of Friday, September 15, 2023, L&T’s shares closed at Rs 2,906.95, experiencing a fall of 0.40 percent. However, the company’s shares have shown positive growth since the announcement of the buyback offer.
Record Date and Fund Allocation:
L&T has set September 12, 2023, as the record date for the buyback. Only investors who have shares of the company in their demat account by this date will be eligible for the buyback. The company has allocated a fund of Rs 10,000 crore for the buyback offer.
Impressive Stock Performance:
Over the past week, L&T’s stock price has increased by 2.52 percent. In the last one month, the company’s shares have earned a return of 8.02 percent for its investors. Over the last three months, the share price has increased by 23.91 percent, and in the last year, it has shown a growth of 49.35 percent. In the span of three years, L&T’s stock has generated a profit of 223.48 percent for its investors.
Buyback Offer Details:
The buyback offer by L&T includes the following details:
– Record Date: 12 September 2023
– Buyback Commencement Date: 18 September 2023
– Buyback price per share: Rs. 3200
– Size of buyback: Rs 10,000 crore
– Approval of buyback: 25 July 2023
– Buyback announcement date: July 25, 2023
– Buyback Offer Size: 2.22 percent
– Number of Buyback Stocks: 3,12,50,000
– Method of Buyback: To be done through Tender
– Face Value of Share: Rs.2
Important Note:
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