L&T stock hits 52-week high as board to consider buyback, dividend meeting next week

21 Jul 2023 , 11:58 AM

Larsen and Toubro (L&T) stated that its board of directors will consider a share buyback at its meeting to be held next week.

The L&T board of directors will meet on July 25, 2023, to approve the June quarter results. During the meeting, the business will also discuss equity share buybacks in compliance with the requirements of the Companies Act, 2013 and the SEBI (Buyback of Securities) Regulations 2018, as well as a special dividend on equity shares for the fiscal year 2023-24.

Meanwhile, the business reported that the merger of two of its wholly-owned subsidiaries, L&T Innovation Campus (Chennai) Limited and L&T Seawoods Limited, had been approved by its board of directors.

‘If approved, the record date for the purpose of determining the equity shareholders’ entitlement to the said dividend shall be Wednesday, August 2, 2023,’ said L&T in its filing with the bourses.

At around 11.54 AM, L&T was trading 2.79% higher at Rs 2,559.15 per piece, against the previous close of Rs 2.489.70 on NSE. The counter hit a new 52-week high of Rs 2,573.35 in today’s trade.

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