(RTTNews) - Royal Bank of Canada (RY, RY.TO), a financial services company, on Tuesday announced that the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange have accepted the normal course issuer bid to buy up to 35 million of its common shares in order to cancel them.
The bid may begin on June 12 through June 11.
As of May 30, 2025, a maximum of 2.48% of the company's outstanding shares, which totals 1,410,582,716 common shares, can be bought back and canceled.
The company will limit daily repurchases to 1,144,201 common shares. The figure represents 25 percent of the average daily trading volume of the company's shares over the six months ending May 30.
During that period, the average daily trading volume was 4,576,804 shares.
Starting June 12, the Bank will implement an automatic share purchase plan. This plan authorizes its broker, RBC Dominion Securities Inc., to regularly buy back the Bank's common shares.
The Bank's prior share buyback program, which aimed to repurchase 30 million shares, began on June 12, 2024, and will conclude on June 11.
As of the market close on May 30, the Bank had bought back 6,570,983 shares. The average price paid for these shares was approximately $166.26 each.
In the pre-market trading, Royal Bank of Canada is 0.65% higher at $128.41 on the New York Stock Exchange.
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