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Tesco has announced it has entered into an arrangement with HSBC Bank plc to repurchase shares on behalf of the company with an aggregate value of up to £150m, as part of its existing commitment to buy back a total of £750m worth of shares by April 2023.
The arrangement allows HSBC to repurchase shares, together with any other ordinary shares in the company purchased on Tesco’s behalf, in accordance with the supermarket’s current buyback authority granted by shareholders.
Tesco said the sole purpose of these share purchases is to reduce the company’s share capital.
In October 2021, Tesco announced that it had entered into an arrangement with Citigroup Global Markets Limited to repurchase a total of £500m shares on behalf of the company.
Tesco also entered into an arrangement with Citigroup in April 2022 to repurchase shares with an aggregate market value of up to £750m.
