TOKYO (Reuters) - Toyota Motor Corp., Japan's biggest automaker, said on Tuesday it would buy back 0.83 percent of its own shares for a total 109.5 billion yen ($1.04 billion) before Wednesday's market opening.
It will buy 30 million shares at Tuesday's closing price of 3,650 yen through an online trading system of the Nagoya stock exchange, it said in a statement.
In June, Toyota received permission from its shareholders to repurchase as much as 150 million of its own shares, worth up to 400 billion yen, over the following 12 months. So far, it has bought 64.29 million shares, or 206.52 billion yen worth.
Many Japanese firms are rushing to buy their own shares, partly to make them more attractive to investors by boosting per-share value, and also to counter share offerings by Japanese banks and life insurers, which have been actively unloading holdings in corporate clients.