UIL Finance Limited (LSE:UTLE) commences share repurchases on March 11, 2019, under the program mandated by the shareholders in the Annual General Meeting held on November 21, 2018. As per the mandate, the company is authorized to repurchase up to 13,410,000 shares, representing 14.98% of its issued share capital. The share repurchases will be made at prices below the prevailing NAV per ordinary share. The maximum price that can be paid is the higher of 105% of the average of the mid-market quotations of the ordinary shares for the five business days immediately before the date of purchase; and the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The share repurchase shares will be held in treasury or cancelled. The share repurchases will be funded from company's own cash resources or from short-tern borrowings. The authority will expire at the conclusion of next Annual General Meeting in 2019. As of June 30, 2018, the company had 89,493,389 ordinary shares are issued and outstanding.