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Business News » India News

Sebi rejects L&T's proposal for 9,000 cr share buyback

"Since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements", the buyback offer is not in compliance with the Companies Act and Sebi norms, the regulator said in a letter to the company.

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Sebi rejects L&T's proposal for 9,000 cr share buyback
L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore. Reuters

Engineering major Larsen & Toubro (L&T) Saturday said market regulator Sebi has denied permission for its Rs 9,000 crore share buyback offer. In a regulatory filing to stock exchanges, L&T said the Securities and Exchange Board of India (Sebi) has asked it not to proceed with the buyback. 

"Since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements", the buyback offer is not in compliance with the Companies Act and Sebi norms, the regulator said in a letter to the company.

L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore.

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The offer was open to those holding equity shares as on October 15.

A buyback reduces the number of shares available in the open market.

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TAGS:
SebiLarsen & Toubro
Written By: PTI
Updated: Sat, Jan 19, 2019
02:31 pm
New Delhi, PTI
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