21Vianet Group (NASDAQ: VNET ) is calling in what it hopes will be a stock price-boosting move. The company's board has authorized a fresh repurchase program for up to $10 million worth of shares. The initiative will be in effect for one year.
The buybacks are to be effected through various means, including open market transactions, privately negotiated purchases, and block trades.
In the press release announcing the move, 21Vianet cautioned that its board "will review the share repurchase program periodically, and may authorize adjustment of its terms and size." The initiative is to be funded from the company's cash on hand.
Currently, the firm has slightly over 59 million shares outstanding. Its stock most recently closed at $14.98 per share.