versabank said monday that it has received the goahead from the toronto stock exchange to buy back up to nearly 10 of its public float the canadian chartered bank said it has received the approval to proceed with a normal course issuer bid to buy up to 17 million of its own shares which would be about 954 of its issued and outstanding share capital at fridays closing price of 950 canadian dollars or us743 the shares would be worth about c162 million we feel that our stock is undervalued and the current trading price represents less than 08 times book value versabank has abundant excess capital to make meaningful purchases through this ncib as well as to fund our significant growth opportunities president and chief executive david taylor said