Adjusting for taxes and debt, the company is likely to garner net cash inflow of USD1.4b as proceeds. originally announced, and even until the days preceding the COVID-19 outbreak, we expected the proceeds to be utilized for buybacks or put toward a one-time special dividend of INR7080/sh. However, COVID-19 has posed various challenges, including the risk of funding requirements in non-core businesses such as L&T; Finance and Hyderabad Metro. the nature of use of the proceeds may be against the original expectation; however, this has more to do with COVID-19-led risks than any change in the managements intention to return excess cash to shareholders. Owing to the proceeds, L&T; is likely to maintain a strong liquidity position and does not have to depend on debt on a net basis to support core business execution. had already communicated that it may utilize part of the funds to restructure the capital structure of the Hyderabad Metro by replacing external debt.