In order to reduce share capital, UK based footwear brand Dr Martens has commenced with a share buy back programme to the value of £50 million ($65 million).

In a statement released by the company on July 14,  the company had “entered into an agreement with Morgan Stanley & Co. International plc to conduct the Programme on its behalf”.

The statement went on to say that the  purchase price of all shares purchased by Morgan Stanley would be equal to, or as close as possible to £50 million, with the sole purpose of the programme to reduce the share capital of Dr. Martens.

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