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India's Larsen & Toubro to buy back up to 90B rupees in shares

Construction and engineering conglomerate Larsen & Toubro Ltd. will buy back up to 4.29% of its total issued and paid-up equity share capital from shareholders for approximately 90 billion Indian rupees.

The India-based company will repurchase up to 61,016,949 shares at 1,475 Indian rupees each. Shareholders as of Oct. 15 will be eligible to participate in the buyback offer.

As of Oct. 3, US$1 was equivalent to 73.40 Indian rupees.