Incitec Pivot Ltd.’s (IPL) Board has approved an on-market share buyback of up to A$400 million (approximately US$270 million at current exchange rates) to be conducted over the next 12 months, the company said on Nov. 15.
It said it has sufficient cash reserves and committed bank facilities to complete the buyback.
IPL said the buyback will be conducted in the ordinary course of trading, and the exact amount and timing will be dependent on regulatory requirements and market conditions. The company’s shares jumped as much as 10%, the most in a year, following the announcement of the share buyback plan, Bloomberg reported.