Tesco PLC (LSE:TSCO) said it is moving on to the third tranche of its current £1 billion share buyback programme.
Between 22 April 2024 and 18 October 2024, the grocery giant repurchased 188 million ordinary shares with an approximate market value of £600 million.
This third tranche will see Tesco buy back the final £400 million of the programme by April 2025.
United Kingdom Listing Rules allow for a maximum price of no more than the higher of (i) 105% of the average middle market closing price for the five trading days before the purchase and (ii) the higher of the price of the last independent trade and the highest current independent bid.
Shares in the FTSE 100 group are currently 355.6p, within touching distance of a five-year high.