Larsen & Toubro Ltd. will buy back as much as 100 billion rupees ($1.2 billion) of stock as India’s largest engineering conglomerate returns excess cash to shareholders.
The Mumbai-headquartered firm will buy the shares for as much as 3,000 rupees each through a tender offer, it said in a stock exchange filing Tuesday. That’s a 17% premium to Tuesday’s closing price. It will also pay a special dividend of 6 rupees a share.
