Shares of Larsen and Toubro (L&T) hit a 52-week high of Rs 3,009 on 12 September after the company revised its share buyback price to Rs 3,200 from Rs 3,000 per share.

The company also said in its exchange filing that it has also decreased the number of shares planned to be bought back from 3.33 crore to 3.12 crore, representing 2.22% of the company’s total equity.

R Shankar Raman, Whole-Time Director & CFO of L&T, said that the company is focused on enhancing its Return on Equity and one of the core objectives of the company’s five-year strategic plan ‘Lakshya 2026’ is to maximise shareholders value through improved Return on Equity.

He added, “Apart from several other initiatives to achieve this objective, the company had announced a Rs 10,000 crore buyback program of its equity shares from its shareholders. To successfully complete the proposed buyback plan, thereby realising its RoE objective, and considering the present market sentiments, the company has decided to increase the buyback price to Rs 3,200 per equity share from the earlier announced price of Rs 3,000. The company is confident that the shareholders will take advantage and benefit from the buyback offer.”

On 26 July, the company announced the buyback, the first such offer in its eight-decade history.

The company informed the bourses that the final buyback offer price had been arrived at after considering various factors, including price-earning ratio, earning per share, the trends in the volume-weighted average prices, impact on the net worth of the company, and the closing price of the claim at the BSE and NSE.

The company also informed that the Buyback Committee had finalised the buyback offer price.

At 11:24 am, the shares of Larsen & Toubro were trading at Rs 2,976.65 or 2.85% above its previous close on NSE.