What is the record date for the L&T buyback and how to apply?

I have some Larsen and Toubro shares I have been holding for a while now. I head that the company announced a buyback, how do I participate in this and when is the record date?

The board of L&T approved a buyback of 6,00,00,000 (six crore) equity shares which accounts for 4.29% of the total paid up equity share capital at a price of Rs 1500 per share. The total size of the buyback is Rs 9000 crores.

Pre-buyback shareholding pattern

Category No. of Shares %
Financial Institutions / SUUT 32,15,48,460 22.94
Foreign Institutional Investors 26,08,10,030 18.6
Foreign Nationals/NRI/OCBs etc 1,36,60,342 0.97
Shares underlying GDRs 2,65,39,111 1.89
Mutual Funds 20,60,15,229 14.69
Bodies Corporate 9,37,92,618 6.69
Directors & Relatives 15,43,530 0.11
L&T Employees Welfare Foundation 17,21,28,421 12.28
General Public 30,59,49,295 21.83
Total 1,40,19,87,036 100

YTD, the stock has beaten the benchmark Nifty Infra index and its peers by a wide margin but lagged the Nifty 50 index.

How to apply for the buyback?
We’ll open up an order collection window on Q and you can directly tender your shares. The allotted Buyback amount will be credited directly to your bank account by the company’s RTA.

How do I know, how many shares the number of my shares entitled for a buyback?
This can be found on the tender form that will be sent to your registered email ID by the RTA (Registrar and Transfer agents). However, you can tender any number of shares you choose to. The approved shares will be debited from your demat and the equivalent amount will be credited to your bank account. The excess shares you had tendered will be credited back to your demat.

What is a tender form and how does it look like? Do I also have to send it to my broker?
A tender form basically shows you the number of shares you hold as on the record date and the number of shares you hold that are entitled in a buyback. In case of this issue you don’t have to send us your tender form. Here’s a screenshot of a tender form that shows the shares you hold and the shares entitled in a buyback
image

When is the record date?
The record date is yet to be announced and we’ll update it here when it is announced.

Why do companies buyback shares?
Explained here.

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When is the Record date and how to participate in Buyback?

Still not announced.
Once open, here’s how you can apply.

Record data is announced as 15th October. Buy back price 1475.

@Abhishek87 : October 11 is last date to buy with buyback eligibility . 15 October is record date.as and when buyback open say after about 15 -20 days from record date you will get an email from company . buyback will have to be through your nse/bse broker.

Adding to the information shared by @Bhuvan

When is the record date?
The company has declared October 15, 2018 as the record date. If you hold shares in your demat on the record date, you will be eligible for the buyback.

What is the buyback price?
The company offers the buyback at Rs 1475 per equity share

More information about the buyback can be found here

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I would be grateful if someone can clear my query/doubt.
I have bought L&T shares on 4-Oct.

  1. I guess I am eligible for buyback
  2. When can I expect the tender form from L&T which I need to submit to Zerodha

Thanks in advance

@bbagi : (1)October 15 is record date . actual buyback will start in say about 15-20 days after record date depends on regulatory approvals. 15 days is minimum time and in some cases like wipro ,cheviot ,rensa jewelers etc it took about 40-45 days. (2) as and when buyback start you will get all details on your e mail . if your broker need buyback offer form ( my broker never asked ) the same can be downloaded from this e mail communication or from registrar website DURING THE SCHEDULE OF BUYBACK. in my case it is a simple phone call to broker ordering him the quantity i wish to offer in buyback.

Thanks a ton @sabkaview

Hi
Any idea on the expected date for the buyback to start? It already close to 1 month since buyback record date.

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Guys any insider news regarding tender date ?