Larsen & Toubro (L&T) has approved a proposal to buyback up to 6cr equity shares (4.29% of the total paid up equity share capital), at a maximum price of Rs 1,500 per equity share for an aggregate amount of Rs 90 billion.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Regulations and the Companies Act, 2013 and rules made thereunder. The Buyback Size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses.

Shares of the company gained Rs 32.3, or 2.44%, to trade at Rs 1,354.45. The total volume of shares traded was 415,073 at the BSE (12.34 p.m., Thursday).