Larsen & Toubro Limited, incorporated in 1946, is a major technology, engineering, construction, manufacturing, and financial services conglomerate with global operations. The company addresses critical needs in key sectors like hydrocarbons, Infrastructure, Power, Process Industries, and defense for customers in over 50 countries around the world.
In a filing with the exchange, L&T told the exchange that the board will be meeting on July 25 to approve the unaudited consolidated and standalone financial results for the quarter ended June 30, 2023. The company mentioned two more important proposals that it will take on in the upcoming board meeting. The two proposals are:
- Buyback of equity shares of the Company in accordance with the provisions of the Companies Act, 2013 and SEBI (Buyback of Securities) Regulations 2018.
2) A 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.
Earlier in August 2018, L&T’s board approved its first buyback in the company’s history, for up to 4.29% of its paid-up equity capital or up to 6.1 crore shares, aggregating to a value of about Rs 9,000 crore. However, the proposal was denied permission for its share buyback offer by the market regulator, citing compliance issues over its post-buyback debt-equity ratio.
In the meantime, wholly owned subsidiaries of the company, LTICCL, in its board meeting held on July 19, 2023, approved a Scheme of Arrangement for the merger of LTICCL with L&T Seawoods Limited (LTSL). However, the proposal is subject to approval by other authorities, including the National Company Law Tribunal and other authorities.
In today’s announcement on the company page, L&T Construction has secured a mega order for its Heavy Civil Infrastructure Business. According to the circular on the company’s page, the deal referred in here, which is awarded by National High-Speed Rail Corporation Limited, is estimated to be more than Rs. 7,000 crore.
The script following the announcement made a 1.5% gap up opening from yesterday's close of Rs 2489. The stock at the time of reporting is up 2.76% and trading at Rs. 2558.