Larsen & Toubro will discuss a proposal for equity share buyback and a special dividend on equity shares for the financial year 2023-24 during its board meeting on July 25.
The company also said that August 2 will serve as the record date to determine the entitlement of the equity shareholders for the said dividend, if approved in its meeting, Larsen & Toubro said in a filing to exchanges on July 20.
"Buyback of equity shares of the Company in accordance with the provisions of the Companies Act, 2013 and SEBI (Buyback of Securities) Regulations 2018. 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.,” the company said in a filing to exchanges.
The company has not revealed the total number of equity shares that will be bought back.
The outcome will be communicated to the Stock Exchanges soon after the conclusion of its Board meeting, L&T stated.
The company is yet to announce its financial results for the first quarter ended June 30. In its previous quarter ended March 2023, the company reported a consolidated net profit at Rs 3,987 crore, up 10 percent compared to Rs 3,621 crore in the same quarter last year.
The company was in the news recently after it won large orders, projected to be in the range of Rs 2,500 crore to Rs 5,000 crore, from the State Water & Sanitation Mission, Uttar Pradesh, to construct a water supply scheme for the Hanumanganj multi-group of villages in the districts of Ballia and Firozabad.
At the close of market hours on July 20, L&T's stock price was at Rs 2,489.60 apiece, down 0.18 percent on the BSE. Intraday, the stock has risen to a high of Rs 2499.95 and touched a low of Rs 2,469.
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