The buybacks will begin on July 26 and end on November 17th, according to Vodafone.
To assist offset the rise, Vodafone Group, located in the United Kingdom, said on Friday that it expects to start further share repurchase programmes over the following eight months. In the company’s issued share capital caused by the maturity of a convertible bond program.
The buy-backs will begin on July 26 and end on November 17, according to the mobile and broadband operator, which has enlisted Goldman Sachs as the program’s principal.
Earlier in the day, Vodafone reported a higher-than-expected increase in first-quarter service revenue as more stores reopened and tourism resumed after the COVID-19 disruption last year.
After meeting its target of “at least” 5 billion euros in the year to end-March, the British company said in May that free cash flow would increase to at least 5.2 billion euros ($6.12 billion) this year.