Tender Offer | ₹10,000.00 Crores | Listed at BSE, NSE | Mon, Sep 18, 2023 - Mon, Sep 25, 2023
Larsen & Toubro Ltd. Buyback is a tender offer for the repurchase of up to 3.13 crore equity shares at a buyback price of ₹3200 per share with a face value of ₹2 per share, aggregating to ₹10,000.00 crores.
The record date for determining eligible shareholders is Sep 12, 2023. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Sep 18, 2023 and closes on Sep 25, 2023, with the last date for receipt of tender forms being Sep 25, 2023.
The finalisation of buyback acceptance is expected on Sep 27, 2023, followed by settlement of bids on Sep 28, 2023.
JM Financial Ltd. is the Manager to the Buyback and Kfin Technologies Ltd. is the Registrar and JM Financial Services Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Larsen & Toubro Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Mon, Sep 18, 2023
Offer Closing Date
Mon, Sep 25, 2023
Buyback Price
₹3200 per share
Record Date
September 12, 2023
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 9 Equity Shares out of every 38 Fully paid-up Equity Shares held on the Record Date. | 4,687,500.00 |
| General Category for all other Eligible Shareholders | 11 Equity Shares out of every 574 Fully paid-up Equity Shares held on the Record Date. | 26,562,500.00 |
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 | 30 Jun 2023 |
| Assets | ||||
| Revenue | 90,615.77 | 104,613.06 | 114,535.93 | 27,788.77 |
| Profit After Tax | 3,147.31 | 7,879.45 | 7,848.97 | 1,792.36 |
| Net Worth | 61,737.82 | 67,114.05 | 71,527.95 | |
| Reserves and Surplus | ||||
| Total Borrowing |
Incorporated in 1946, Larsen & Toubro Limited is an Indian multinational company engaged in EPC Projects, Hi-Tech Manufacturing, and Services.
Larsen & Toubro offers Construction, Hydrocarbon, Power, Minerals & Metals, Heavy Engineering, Defence, Defence Shipbuilding, Construction & Mining Machinery, L&T Valves, L&T Technology Services, L&T IDPL, L&T Metro Rail, L&T Financial Services, L&T Realty, L&T SuFin, L&T Edutech, and LTIMindtree for infrastructure, construction, defence, hydrocarbon, heavy engineering, power, shipbuilding, aerospace, mining, and metallurgy sectors.
L&T Limited offers an extensive range of products and services across various businesses and industries. They emphasize on sustainable growth and technology.
The Company has manufacturing facilities and offices in over 50 countries and a global supply chain ecosystem with more than 50,000 employees.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jul-2023 | 2,687.90 | 2,419.95 | 2,520.89 |
| Jun-2023 | 2,482.95 | 2,202.20 | 2,351.99 |
| May-2023 | 2,416.00 | 2,168.65 | 2,262.49 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jul-2023 | 2,690.00 | 2,420.00 | 2,520.59 |
| Jun-2023 | 2,483.50 | 2,202.15 | 2,352.20 |
| May-2023 | 2,416.35 | 2,168.50 | 2,262.64 |
The Buyback is being undertaken for the following reasons:
1. The Buyback will help the Company to distribute surplus cash to its shareholders holding Equity Shares thereby enhancing the overall return for them.
2. The Buyback is generally expected to improve return on equity through the distribution of cash and improve earnings per share by a reduction in the equity base of the Company, thereby leading to a long-term increase in shareholders' value.
Larsen & Toubro Ltd.
L&T House, N.M. Marg,
Ballard Estate,
Mumbai - 400 001
Mumbai, Maharashtra, 400001
Lead Manager(s)
Registered Broker
The Larsen & Toubro Buyback 2023 opens on September 18, 2023, and closes on September 25, 2023.
Last date to be eligible to participate in buyback is September 11, 2023.
The Larsen & Toubro Buyback 2023 is a Tender Offer.
Larsen & Toubro Buyback 2023 Schedule
| Buyback Opening Date | September 18, 2023 |
| Buyback Closing Date | September 25, 2023 |
| Last Date for receipt of Tender Forms | September 25, 2023 |
| Finalisation of Buyback Acceptance | September 27, 2023 |
| Last Date for settlment of bids | September 28, 2023 |
| Last Date for Extinguishment of Shares | October 11, 2023 |
The Larsen & Toubro Buyback 2023 is being offered at Rs ₹3200 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 9 Equity Shares out of every 38 Fully paid-up Equity Shares held on the Record Date. | 4,687,500.00 |
| General Category for all other Eligible Shareholders | 11 Equity Shares out of every 574 Fully paid-up Equity Shares held on the Record Date. | 26,562,500.00 |
The issue size of Larsen & Toubro Buyback 2023 is 3,12,50,000 equity shares at ₹3200 per share aggregating up to ₹10,000.00 Crores.
The Buyback is being undertaken for the following reasons:
1. The Buyback will help the Company to distribute surplus cash to its shareholders holding Equity Shares thereby enhancing the overall return for them.
2. The Buyback is generally expected to improve return on equity through the distribution of cash and improve earnings per share by a reduction in the equity base of the Company, thereby leading to a long-term increase in shareholders' value.
All the eligible Shareholders of the Company holding either Physical Shares or Demat Shares as on the Record Date can participate in the buyback offer through their Stock Broker.
The eligible shareholder holding the shares in Demat form needs to inform their broker the details of the Equity shares they wish to tender in the Buyback Offer. The shareholder needs to transfer the tendered shares to a Special account of the clearing corporation. The broker, in turn, would place an order on the stock exchange for the buyback.
The eligible shareholder holding the shares in physical form needs to approach their broker with original share certificates and supporting documents. Upon completion of document verification, the broker places an order on the stock exchange and submits the original share certificate and TRS to the registrar.
The tender form and TRS are optional in the case of Demat shares but mandatory in the case of physical shares.
The Larsen & Toubro Buyback 2023 offers an opportunity for the shareholders to exit their positions at a premium price. In case you stay invested you would have an increased percentage of shareholding in the company and improved earnings per share. Thus, one should understand the company fundamentals along with one's need, goals, and risk appetite to decide if one wants to stay invested or participate in the buyback offer.
