Last checked at 12 Sep 2023 11:20
Sub: Final Buyback Price
We refer to our intimation dated August 29, 2023 informing the stock exchange about the public announcement for the Buyback of equity shares of the Company.
One of the key objectives of the Company's Strategic Plan, Lakshya '26, is to enhance the return on equity (ROE) and thereby maximise shareholder value. Return on equity capital to the shareholders in the form of Buyback of shares of the Company is a step in that direction. To realise this strategic objective and in consideration of the present market sentiments, we wish to inform you that the Buyback Committee of the Company at its meeting held on September 11, 2023 has approved the following:
(i) The Buyback Price has been increased from Rs. 3,000/- (Rupees Three Thousand only) per Equity Share to Rs. 3,200/- (Rupees Three Thousand Two Hundred only) per Equity Share; and
(ii) The maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 3,33,33,333 (Three Crore Thirty Three Lakh Thirty Three Thousand Three Hundred and Thirty Three) fully paid-up Equity Shares to 3,12,50,000 (Three Crore Twelve Lakh Fifty Thousand) Equity Shares representing 2.22% of the total paid-up equity shares of the Company.
Please click https://investors.larsentoubro.com/listing-compliance-buyback.aspx to download copy of the addendum to the Public Announcement dated August 26, 2023, published on August 28, 2023 ("Addendum"). A copy of the Addendum is also published in the Financial Express, Jansatta and Loksatta, and made available on the Company's website at www.larsentoubro.com, websites of the Managers at www.jmfl.com and www.axiscapital.co.in, website of the Registrar to the buyback at www.karsima.kfintech.com and website of SEBI at www.sebi.gov.in.