CGI Group Inc. plans to repurchase for cancellation 3,230,450 class A subordinate voting shares indirectly held by Serge Godin, the company's founder and executive chairman of the board.

Under a private agreement that the company plans to enter into with Godin, the shares will be bought back at a price of C$71.64 apiece for a total consideration of C$231.4 million. The shares include 2,761,783 class A shares resulting from the conversion of an equivalent number of class B shares. The price represents a 3% discount to the closing price of the class A shares on the Toronto Stock Exchange on Feb. 23.

After the transaction, Godin will continue to own, directly or indirectly, or exercise control or direction over 46.2% of the company's total voting rights.

CGI will fund the repurchase from cash on hand and existing revolving credit facility. The share purchase will be made under CGI's normal course issuer bid commenced on Feb. 6.