The Toronto Stock Exchange approved Home Capital Group Inc.'s previously announced normal course issuer bid, whereby the company may buy up to 4,753,517, or 10%, of its common shares as of Dec. 21, for cancellation.

The purchase may start on Jan. 2, 2019, and will terminate on Jan. 1, 2020, or when the company completes its purchases.

The company entered into an automatic purchase plan with a broker to allow it to purchase common shares when Home Capital is not active in the market due to its own internal trading blackout periods and insider trading rules, among other things.