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UPDATE 1-NTT to cancel 7.97 pct of shares outstanding

Published 11/09/2010, 01:59 AM
Updated 11/09/2010, 02:04 AM

* To cancel 125.46 mln shares, worth 470 bln yen, on Nov 15

* Part of plan unveiled in May to retire 250.9 mln shares

* NTT to retire remaining shares in next financial year (Adds details, background)

TOKYO, Nov 9 (Reuters) - Nippon Telegraph and Telephone Corp, Japan's largest telephone company, said it would cancel 7.97 percent of its shares outstanding, worth 470 billion yen ($5.81 billion) at the current market price, on November 15.

The cancellation of 125.46 million treasury shares is half of a plan announced in May to retire a total of 250.9 million shares.

NTT said it would cancel the remaining shares in the next financial year that ends in March 2012.

(Reporting by Nobuhiro Kubo; Editing by Nathan Layne)

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