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The parent company of EQ Bank says it has filed notice of its intention to renew its stock buyback plan.
EQB Inc.says it has also received approval of the plan from the Toronto Stock Exchange, which allows it to repurchase up to 2.3 million of its common shares for the purpose of cancellation.
It says this represents approximately 8.4 per cent of the 27.3 million such shares in public hands.
EQB’s normal course issuer bid will run until Jan. 5 of next year.
Companies routinely conduct share buyback programs as a way to return capital to shareholders and to try to boost share price.
There were 38.4 million issued and outstanding common shares of the company as of Dec. 23.
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