Bus operator Stagecoach has proposed returning £340 million to shareholders, following a review of its capital structure.

The proposals, which require shareholder approval, are worth approximately a fifth of the company’s market capitalisation.

The one-off payment would amount to 47 pence per ordinary share and follows similar moves over the past six years, during which time the Perth, Scotland-based company has returned more than £1 billion to shareholders.

The Group’s last major return of cash to shareholders was in 2007 when it returned approximately £700 million.

If approved, cash could be handed back by the end of October.

Sir Brian Souter, Stagecoach’s chief executive and founder, would receive approximately £51 million from the cash return from his 15 per cent stake in the company.

His sister and co-founder, Ann Gloag, is set to make £37 million.

She holds just under 11 per cent of the shares.