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(Sharecast News) - J Sainsbury launched a share buyback programme worth up to 200m on Tuesday, set to be completed by 12 September.
The FTSE 100 retailer said the initiative, first announced alongside its results last week, would start immediately, and was intended to reduce its share capital through the cancellation of repurchased shares.
It said the programme would be executed by BNP Paribas under non-discretionary instructions, with the investment bank making trading decisions independently of the company.
The buyback was being conducted within the authority granted at Sainsbury's annual general meeting in July last year, which permitted the repurchase of up to 239.1 million shares.
Sainsbury's move aligned with its stated intention to return surplus capital to shareholders, while maintaining a strong balance sheet.
Reporting by Josh White for Sharecast.com.
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