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