Team Blitz India
MUMBAI: Larsen & Toubro (L&T) on July 25 announced buyback worth Rs 10,000 crore. In the process, the company has also entered into the league table of top buy backs in the country. While companies from the Information Technology (IT) sector are known for their huge buybacks, it’s the second instance where a non-IT firm intents to repurchase its shares at this altitude.
Earlier in 2012, the country’s largest company Reliance Industries Limited had announced a buyback worth Rs 10,440 crore. However, the conglomerate acquired a third of the total buyback offer, which was offered at a price of up to Rs870 each under the programme.
While Tata Consultancy Services (TCS) topped the chart with Rs 18,000 crore of buyback, other IT firms like Infosys and Wipro occupied the second and third spots with buybacks of Rs 13,000 crore and Rs 12,000 crore, respectively. In fact, the largest IT company, TCS had cumulative bought back shares worth Rs 66,000 crore between 2017 and 2022, data sourced from primedatabase.com revealed.