RB Global (RBA) has received approval from the Toronto Stock Exchange to increase its stock repurchase program to around 14.2 million shares or the number of shares worth $1 billion, whichever is lower, the company said Tuesday.

The company said its normal course issuer bid originally allowed it to repurchase the lesser of 10 million shares or the number of shares worth $500 million.

As of Sept. 11, the company said it had bought back 5.36 million shares at an average price of approximately $93.22 per share under the existing program.

The amendment to the program will be effective on Thursday, the company said. The normal course issuer bid will terminate on March 17, 2027, unless the company completes the purchases or ends the program earlier, according to the statement.