The Bank of Nova Scotia (BNS,BNS.TO) or Scotiabank, a Canadian-based banking company, on Thursday announced it has received approval from the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions to repurchase up to 15 million common shares under a new normal course issuer bid.
The buyback represents approximately 1.2% of its outstanding shares as of March 24.
The bank plans to terminate its existing buyback program on April 6, after completing the repurchase of 20 million shares for a total of $1.81 billion.
The new program is set to begin on April 7 and will run until April 6, 2027, unless completed earlier.
The shares will be repurchased at market prices through the Toronto Stock Exchange, the New York Stock Exchange, and other permitted trading systems, with all repurchased shares to be cancelled.
The buyback is intended to provide capital flexibility, offset dilution, and enhance shareholder value.
In the pre-market trading, The Bank of Nova Scotia is 0.57% lesser at $69.79 on the New York Stock Exchange.
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