Benzinga | Dec 2, 2021 06:35AM EST

TD Bank Group Announces Intention To Repurchase For Cancellation Up To 50M Of Its Common Shares

TD Bank Group (TD) (TSX:TD) announced today that, subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX), it intends to launch a normal course issuer bid to repurchase for cancellation up to 50 million of its common shares, representing approximately 2.7% of the 1,821,976,598 common shares issued and outstanding as of October 31, 2021. TD will file a notice of intention with the TSX in this regard.

TD may commence purchases under the bid, continuing for up to one year, after the TSX has accepted the notice of intention. Repurchases will be made through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements. The price paid for such repurchased shares will be the market price of such shares at the time of acquisition or such other price as may be permitted by the TSX. All repurchased shares will be cancelled. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

As at October 31, 2021, the Bank's Common Equity Tier 1, Tier 1, Total Capital and Leverage ratios were 15.19%, 16.45%, 19.12% and 4.77%, respectively.