Grab (GRAB) said Tuesday it entered into an accelerated share repurchase agreement with JPMorgan Chase (JPM) Bank and a contingent forward purchase agreement with Morgan Stanley (MS) to repurchase $250 million and up to $150 million, respectively, of class A Grab shares.

The agreements will be executed under the company's $500 million share repurchase program authorized in February and will be funded from its cash reserves, Grab said in a filing with the US Securities and Exchange Commission.

Under the accelerated share repurchase agreement, Grab said it will pay JPMorgan $250 million for an initial delivery of about 54.9 million shares. The transactions are expected to be completed by Q2, the company said.

Under the contingent forward purchase agreement, Grab said it may buy back its shares based on daily prices at a pre-agreed strike price, with the total number dependent on Grab's share price over the term of the transaction and the total price not exceeding $150 million. The settlement date will be in July, Grab added.

Shares of Grab were up more than 3% in Tuesday trading.

Price: 3.76, Change: +0.12, Percent Change: +3.16