Tesco announced today it will kick off a £150m share buyback programme as bosses look to put excess cash back in shareholders’ pockets.
In a statement this morning, the firm said it had appointed HSBC to repurchase shares on behalf as part of a wider plan to claw back a total of £750 million worth of shares by April 2023.
The move comes after getting the go ahead of shareholders earlier this year at the firm’s annual general meeting.
Bosses at the FTSE-100 grocer have been looking to reduce the firm’s share capital with a major buy back programme, first announced in October last year. On 6 October 2021, Tesco revealed details of the programme in its interim results, with the first tranche of the programme announced on 18 October 2021 for £500m in shares.
In April this year, Tesco then committed to buyback a total of £750m worth of shares by April 2023, meaning its will have bought back a cumulative £1.05bn worth of shares throughout the programme.