Tesco PLC (LSE:TSCO) announces a share repurchase program. Under the program, the company will repurchase shares worth £750 million. The maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.

The purpose of this program is to reduce the company's share capital. The plan will be valid till April 2023.