Larsen and Toubro to consider share buyback, dividend on July 25

Engineering and construction major Larsen and Toubro (L&T) said on Thursday that it will consider a share buyback at the board meeting scheduled for July 25. It will also consider a special dividend on shares for the financial year 2023-24.

August 2 is likely to be the record date for the dividend.

"Buyback of equity shares of the Company in accordance with the provisions of the Companies Act, 2013 and SEBI (Buyback of Securities) Regulations 2018. 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,” the company said in a filing.

Further, the company said its board of directors, during a meeting held on July 19, approved the merger of its subsidiaries, L&T Innovation Campus (Chennai) Limited with L&T Seawoods Limited.

L&T is a $23-billion company engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services and operated in over 50 countries worldwide.