Cash bonus for investors
Stagecoach is planning to return around £340 million to its shareholders.
The transport company said investors will be offered 47 pence for every existing ordinary share as part of a move to overhaul the capital structure of the business.
The return will be funded by existing surplus cash and out of existing bank facilities.
The company said: "The aim of the return of cash is to establish a more appropriate and efficient capital structure for the group and thereby reduce its overall cost of capital and generate further shareholder value.
"The board has taken full account of the group's development plans and access to funding in reaching its decision that this was an appropriate amount to return to shareholders."
It is thought Sir Brian Souter and his sister Ann Gloag, who both set up the business, will get a windfall of around £88 million because of the number of shares they own.
The Perth business previously returned £700 million to shareholders in 2007.
In a trading statement released to the stock exchange today the company said it was on course to meet full year expectations.
Revenues at the UK bus division were up two per cent in the 12 weeks to July 24 with UK rail rising by 8.4 per cent.
The joint venture Virgin Rail Group rose 11.1 per cent with North American sales increasing 12 per cent in the three months to the end of July.