The High court has given Auckland International Airport the go-ahead to return about $454 million to shareholders.
In November, Auckland Airport said it would return the money to shareholders to improve its debt and equity balance.
The airport now had court and shareholder approval to cancel one in 10 shares at a price of $3.43 per cancelled share.
The record date for the capital return will be 5pm on April 7.
However, investors would forego the usual interim dividend in March.
The company's shares last traded at $3.86, up 36.9 per cent compared to a year ago.
- Fairfax Media