RIM to Buy Back 2M Shares

Research In Motion Ltd. said Wednesday that it will buy back 2 million of its common shares through a private agreement with a financial institution.

The shares represent 0.36 percent of all outstanding stock as of April 5, according to the maker of the BlackBerry smart phone.

RIM, which is based in Waterloo, Ontario, said the buybacks were made through an issuer bid exemption order that the Ontario Securities Commission issued.

Added to 3.9 million shares the company has bought back since the beginning of the month, the company has finished a $1.2 billion share buyback plan it began in November.

RIM shares rose 89 cents, or 1.2 percent, to $73.45.