Telenor initiates share buyback programme of 15.2 mln shares

OSLO, July 23 Tue Jul 23, 2013 1:12am EDT

OSLO, July 23 (Reuters) - Norway's Telenor said on Tuesday it would initiate a share buyback programme for about 15.2 million shares, or 1 percent of the outstanding shares, representing a return to shareholders of 1.9 billion Norwegian crowns ($320.60 million).

It said 7 million shares would be repurchased on the open market, and that the he remaining 8.2 million shares would be purchased from the Norwegian state to maintain the government's holdings. ($1 = 5.9264 Norwegian crowns) (Reporting By Victoria Klesty)

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