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SEBI asks Larsen & Toubro Ltd not to proceed with buyback

Posted On: 2019-01-19 17:12:45

Larsen & Toubro Ltd had proposed a buyback of up to 6,10,16,949 equity shares from its equity shareholders as on the record date, being October 15, 2018, on a proportionate basis by way of the tender offer route through the stock exchange mechanism at a price of Rs. 1,475 per equity share, aggregating up to Rs. 9,000 crore, in accordance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 ("Buyback Regulations" and such buy back herein after referred to as "Buyback"), considering the debt-equity ratio requirement on the basis of standalone financial statements, post buyback.

Pursuant to the approval of the Buyback by the shareholders of the Company, a draft letter of offer ("DLOF") was submitted to the Securities and Exchange Board of India ("SEBI") in terms of Regulation 8(i)(a) of the Buyback Regulations, for their comments.

By way of a letter dated January 18, 2019, SEBI conveyed the following comment on the DLOF in terms of Regulation 8(ii) of the Buyback Regulations: "Since the ratio of the aggregate of secured and unsecured debts owned 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 of the Company, the buyback offer is not in compliance with Section 68(2)(d) of companies Act, 2013 and Regulation 4(ii) of SEBI (Buy-back Securities) Regulations, 2018. You are therefore advised not to proceed with this buy back offer."

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1318.25 as compared to the previous close of Rs. 1346.15. The total number of shares traded during the day was 184339 in over 6575 trades.

The stock hit an intraday high of Rs. 1352 and intraday low of 1313. The net turnover during the day was Rs. 244732007.


Source: Equity Bulls

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