Larsen & Toubro Ltd.

The Securities and Exchange Board of India (SEBI) has denied permission for Larsen & Toubro’s (L&T) Rs 9,000 crore share buyback offer.

As per the SEBI, since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements, the buyback offer is not in compliance with the Companies Act and Sebi norms.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.