Vodafone To Buy Back Up To EUR 500 Mln Shares

(RTTNews) - Telecom major Vodafone Group Plc (VOD.L, VOD) announced Tuesday its plan to commence a share repurchase programme of up to a maximum consideration of 500 million euros.

The company has given a non-discretionary instruction to Citigroup Global Markets Limited in relation to the purchase by Citi, acting as riskless principal during the period commencing on May 20 and ending no later than July 23. The deal also includes simultaneous on-sale of such Ordinary Shares by Citi to Vodafone.

The company is authorised to repurchase up to 4.05 billion ordinary Shares. The sole purpose of the Programme is to reduce share capital.

Vodafone added that the share repurchase will be carried out on the London Stock Exchange and Multilateral Trading Facilities.