IG Group launches first £75m tranche of share buyback programme

12th Aug 2024 11:48

(Sharecast News) - IG Group kicked off the first tranche of its new share buyback programme on Monday, having announced plans to repurchase up to £150m of shares on 25 July.

The FTSE 250 company said it had engaged Morgan Stanley International to manage the tranche, which would involve the repurchase of shares worth up to £75m.

It said the primary objective of the buyback programme was to reduce its share capital.

The first tranche began on 12 August, and was scheduled for completion by 31 October.

IG said the tranche was being conducted under the authority granted to the board at the annual general meeting on 20 September 2023, with a maximum of 19,990,397 shares available for repurchase.

At 1127 BST, shares in IG Group Holdings were up 1.25% at 928p.

Reporting by Josh White for Sharecast.com.