By Adria Calatayud

Vodafone Group PLC said Friday that it will start a new share buyback program as a result of a conversion into shares of bonds issued in March 2019.

The U.K. telecommunications company will issue 1.43 billion shares from treasury at a price of 120.55 pence ($1.69) in order to satisfy conversion of the first tranche of the mandatory convertible bonds, maturing on Friday. Vodafone shares closed at 131.78 pence on Thursday.

The second tranche of convertible bonds is due to mature in March 2022, the company said.

The target number of shares to be repurchased under the buyback program will be announced in due course, Vodafone said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

March 12, 2021 02:30 ET (07:30 GMT)

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