India, Sept. 3 -- Great-West Lifeco (GWO.TO) on Wednesday announced that it has amended its current normal course issuer bid (NCIB) and has doubled the number of its shares it can buy back this year.
The company had originally planned to repurchase up to 20 million of its own shares, but that limit has now been increased to 40 million.
The Toronto Stock Exchange has also given the green light for Great-West Lifeco to buy shares directly from its main shareholder, Power Financial Corporation, so that Power can keep the same ownership percentage while the buyback takes place. Power Financial is part of Power Corporation of Canada and currently owns about 69% of Great-West Lifeco.
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