TD Bank Group plans to launch a normal course issuer bid to repurchase for cancellation up to 20 million common shares.
The plan is subject to the approval of the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange. TD will file a notice of intention with the Toronto Stock Exchange in this regard.
The 20 million shares represent about 1.1% of the 1,829,097,656 common shares issued and outstanding as at April 30.
TD may start purchasing under the bid, which may continue for up to one year, after the Toronto Stock Exchange accepts the notice of intention.
Toronto-Dominion Bank and its subsidiaries are collectively called TD Bank Group.