Red Hat‘s (NYSE: RHT) board of directors has approved a plan to buy back up to $300 million of its common stock as the company says it has completed a separate repurchase program, also priced at $300 million.
The open source provider has $1.3 billion in cash and investments as of Feb. 28 and plans to fund the repurchase program through its working capital, Red Hat said Monday.
As of Feb. 28, Red Hat has approximately 193.0 million shares of common stock outstanding.
“Over the last 13 months we have repurchased $300 million or 5.9 million shares of Red Hat common stock under the current program, equivalent to 3% of our shares outstanding as of February 28, 2013, ” said Charlie Peters, executive vice president and chief financial officer.
Since Feb. 28, the company completed the final $179 million of its previous share repurchase program, buying back 3.6 million shares at an average price of $49.15 per share.