Australian telecommunications giant Telstra has completed its AU$1 billion share buyback, with the offer oversubscribed by almost 70 percent.
Telstra bought back more than 217.4 million shares or 1.75 percent of those on issue. The buyback price was AU$4.60 per share, a 14 percent discount on the market price.
Telstra chief executive David Thodey said there had been very strong demand for the buyback, resulting in an over-subscription.
"We are very pleased with the demand and the result, which has enabled us to return surplus capital to shareholders in an efficient way that we expect will have a positive impact on earnings per share," said Thodey.
Due to the strong demand for the buyback, a 69.79 percent scale back of tenders was required.
Those who tendered all of their shares at a 14 percent tender discount to the market price, and who would be left with 370 shares or less as a result of the Priority Allocation and scale back, will have all of their shares bought back in full.
Shareholders who tendered at discounts of 13 percent or less were excluded from the buyback.
Payment via direct credit for shares bought under the buyback will commence from Tuesday, October 14.
At the time of writing, the company's shares were up by 0.19 percent to AU$5.40.