IMI plc (IMI.L, IMIAF, IMIUY), an engineering company, on Monday announced the launch of a share buyback programme of up to 500 million pounds to reduce its share capital.
The company said the programme is expected to run until no later than December 31.
The company said it entered into an agreement with JPMorgan Securities plc to manage the first tranche of the programme worth up to 250 million pounds.
On Friday, IMI.L closed trading 2.25% higher at GBp 2,1814 on the London Stock Exchange.
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