Hertz Global Holdings Inc (NASDAQ:HTZ) is trading higher Monday after the company announced a $2 billion share repurchase program.

The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases.

The program has no time limit. The share repurchase authorization does not obligate Hertz to acquire any particular amount of common stock and can be discontinued at any time.

The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of the company's offering and listing on the Nasdaq.

Related Link: Hertz Plans $2B Share Repurchase Program

Hertz operates as an automotive vehicle rental services company.

HTZ Price Action: Hertz was up 6.38% at $25.39 at time of publication.

Photo: dhub limited from Flickr.