// Tesco to kick off £150m share buyback programme

// The Big Four supermarket has hired HSBC to repurchase shares

Tesco is set to kick off a £150 million share buyback programme as executives consider putting excess funds in shareholders’ pockets.

The Big Four supermarket has hired HSBC to repurchase shares as part of a wider plan to regain a total of £750 million worth of shares by April next year.

The move comes after receiving the green light from shareholders earlier this year at the company’s AGM.

READ MORE: Heinz products disappear from Tesco shelves amid price increase row

Tesco bosses have been seeking to reduce the firm’s share capital with a major buy back programme, first revealed in October last year.

In October last year, Tesco revealed the first tranche of the programme for £500 million in shares.

In April, the company committed to buyback a total of £750 million worth of shares by April 2023, meaning its will have bought back a cumulative £1.05 billion worth of shares throughout the programme.

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