LONDON (dpa-AFX) - Prudential Plc (PRU.L, PUK), an insurance company, revealed on Thursday that it will commence the second tranche of its $2 billion share buyback to repurchase $800 million of shares, representing around 3.64 percent of its issued share capital.
The maximum number of shares might be repurchased under this tranche is 175 million.
The share repurchase will begin from December 5, and will be completed no later than June 26, 2025.
As part of the tranche, the company has entered into an arrangement with Barclays Capital Securities Ltd. to conduct the buyback on its behalf and to make trading decisions.
The purpose of the repurchase is to reduce the issued share capital of the company.
Under its first tranche, the company had repurchased $700 million of shares as of November 15.
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