Melrose Industries PLC on Monday said it started a £500 million share buyback programme.

The repurchased shares will be either held in treasury or cancelled, the Birmingham, England-registered manufacturer said.

‘Cancelling those shares will reduce the share capital of the company whilst holding ordinary shares in treasury will give the company the ability to cancel or re-issue such ordinary shares at a later date,’ it explained.

Investec Bank PLC and JP Morgan Securities PLC will conduct the programme on behalf of Melrose.

Melrose shares rose 1.6% to 477.10 pence each on Monday morning in London.

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