National Grid in £35m share buyback

National Grid on Monday said it was spending £35m to buy back up to 3.5m shares.

The company said the sole purpose of the exercise was to reduce its share capital as part of its management of the dilution resulting from the take-up of its scrip dividend offer for the interim dividend paid in January 2017.

The buy-back programme will be managed by Merrill Lynch International and will run until February 17. The purchased shares will be held as treasury shares, National Grid said.