International Consolidated Airlines Group (IAG) has commenced its €500 million ($528 million) share buy-back programme that is due to be completed later this year.  

The group originally announced its intention to buy back the shares on 24 February.

The shares will be purchased on both the London Stock Exchange and the Spanish Stock Exchanges.

There will be up to 190 million shares acquired, representing 8.9% of the company's share capital. There will be no more than 25% of the average daily volume of the shares traded on the relevant exchange in the 20 trading days preceding the date of purchase.

The buyback programme started on 6 March 2017 and end by 29 December 2017.

IAG will announce any market purchases of shares no later than 7.30 am (GMT) on the business day following the calendar day on which the purchase occurred. Shares purchased under the programme will be held in treasury pending approval to cancel such shares being granted by a shareholders' meeting of the company. 

Deutsche Bank will make the share purchases on the company's behalf and all trading decisions are to be made by Deutsche Bank independently of IAG.