By Adriano Marchese
CGI said Wednesday that it intends to renew its share repurchase program to buy back up to 10% of its issued and outstanding common shares over the course of one year.
The Canadian IT consulting and software company said that its board has authorized a normal course issuer bid to buy back about 20.5 million for cancellation.
CGI shares have risen about 5.1% since the year started, closing on Tuesday at 149.18 Canadian dollars (equivalent to $111.34). Over the last 12 months, the stock is up nearly 31%.
At Tuesday's closing price, the value of the shares would be worth about C$3.05 billion.
The company said it can begin to buy back shares on Feb. 6, subject to approval from the Toronto Stock Exchange.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-31-24 0712ET