09:40 AM EDT, 03/22/2024 (MT Newswires) -- TransAlta ( TAC ) said Friday that it will implement an automatic share purchase plan to allow its broker to facilitate the buybacks of the company's common shares as part of its normal course issuer bid.

The Canadian electric utility said earlier that the Toronto Stock Exchange had approved the buyback of up to 14 million common shares during the 12-month period starting May 31, 2023.

TransAlta ( TAC ) said it has repurchased about 4.1 million shares for 41.4 million Canadian dollars ($30.5 million) since the start of the normal course issuer bid.

TransAlta ( TAC ) said the automatic share purchase plan will expire on the earlier date of May 3 or when its maximum purchase limits are reached, unless terminated by the company earlier.

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