Research In Motion, the maker of world's most prominent smartphone BlackBerry, has announced that its board has authorized a share repurchase of as much as $1.2 Billion. A total of 21 million common shares would be purchased by the company, a figure which represents nearly 3.6% of the firm's current outstanding common shares on NASDAQ.

In a statement issued by the company, it said that the share buyback program is all set to start on November 9. It will remain active for a total of 12 months, till the purchases is complete or till the program is terminated, whichever comes first.

The Canada based company has said that the price that it will pay for the shares will be corresponding to the share's then market value.

RIM shares, on Wednesday, closed C$61.39 on the Toronto Stock Exchange.