L&T to announce Q1 results on July 25, firm's board to consider share buyback, special dividend proposals

Engineering and construction major Larsen & Toubro Ltd (L&T) on Thursday said its board will announce June quarter results on July 25.

L&T also said that the board will consider proposals for share buyback and special dividend. 

"The following proposals will be considered by the Board in the said meeting:

1) Buyback of equity shares of the Company in accordance with the provisions of the Companies Act, 2013 and SEBI (Buyback of Securities) Regulations 2018.

2) 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," said L&T in a stock exchange filing.

On Thursday, L&T's scrip on BSE closed trading flat at Rs 2,490.

L&T’s board in August 2018 approved its first buyback in 80 years of the company’s history, for up to 4.29 per cent of its paid-up equity capital, aggregating to a value of about Rs 9,000 crore. The proposal was turned down by the market regulator SEBI citing compliance issues over its post-buyback debt-equity ratio.