Larsen & Toubro (L&T), the engineering and infrastructure group that has made a significant contribution to the Chandrayaan 3 mission, is making investors rich. The group's share buyback is opening today. Investors can sell their L&T shares in this buyback of Rs 10,000 crore till September 25. L&T had earlier announced that the buyback tender would be done through the offer route, in which shareholders would tender shares at a specific price.
The price value for share buyback has been fixed at Rs 3,200 per share, which is 9 percent more than Friday's closing price. Since the announcement of share buyback, L&T shares have seen a rise of 15 percent. For this reason, L&T has increased the share buyback price from Rs 3,000 to Rs 3,200.
The company's board of directors has fixed the buyback ratio for small shareholders at 9:38 while Larsen & Tourbo has fixed the buyback ratio for all types of general category shareholders at 11:574. In the Larsen & Tourbo buyback offer, the engineering giant aims to buy 31,250,000 shares through the tender route, which is 2.4 per cent of the total equity, amounting to Rs 10,000 crore.
51 percent return in one year
L&T's share price has surged nearly 40 per cent so far in calendar year 2023, while the stock has gained more than 51 per cent in the last one-year period. If we talk about one month, the company's shares have seen an increase of about 11 percent. In the last one month, there has been an increase of about Rs 40 thousand crore in the market cap of the company. The market cap of the company has crossed Rs 4 lakh crore in this period. If experts are to be believed, the company's stock may rise further in the coming days.
Slight rise in company's shares
If we talk about today, the company's shares are seeing a slight rise of Rs 7 and are trading at Rs 2917.90. However, the company's shares also reached the day's high of Rs 2920.80. However, the company's shares opened today at Rs 2910.80. The special thing is that the company's shares had closed at this price on Friday. The company's shares reached its record high on September 12. During that time the company's shares had reached a 52-week high of Rs 3008.
Company is in discussion with Chandrayaan 3 mission
Larsen and Toubro company has been in the news a lot since the Chandrayaan 3 mission. Since then there has been a continuous rise in the shares of the company. After that the company has received an order worth about 4 billion dollars from Saudi Aramco, one of the world's largest companies. Due to which the company's shares have seen a rise of about 11 percent.
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