Legal & General Group PLC (LGEN.L) said on Thursday that it will commence the first tranche of its planned GBP 1.2 billion share repurchase program announced on March 11.
Under the first tranche, the Group will repurchase shares for up to GBP 600 million.
The first tranche of the share repurchase program is expected to end no later than September 18.
In connection with the first tranche, the company has inked a non-discretionary deal with Barclays Capital Securities Limited. The shares acquired by Barclays under the agreement will be purchased by Barclays as riskless principal for subsequent repurchase by the company.
All shares repurchased under the drive will be cancelled.
This share repurchase program aims to reduce the company's share capital.
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