New Delhi, Jan 19 (PTI) Engineering major Larsen & Toubro (L&T) Saturday said market regulator Sebi has denied permission for its Rs 9,000 crore share buyback offer. Also Read - Mahesh Babu's Produced Major To Release in Cinemas Worldwide This Sankranthi

In a regulatory filing to stock exchanges, L&T said the Securities and Exchange Board of India (Sebi) has asked it not to proceed with the buyback. Also Read - Pets Are Back! First Dogs Champ & Major Officially Move in to White House, Pictures Go Viral

“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, the regulator said in a letter to the company. Also Read - Not Just His Dog, US President-Elect Joe Biden Will Bring His Cat to The White House Too

L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore. The offer was open to those holding equity shares as on October 15.

A buyback reduces the number of shares available in the open market.

This is published unedited from the PTI feed.