Woolworths Ltd declares that it has completed a $704 million off-market share buy-back with overpowering shareholder shore up.

The grocery giant said the final buy-back price was $25.62 per share after 27.5 million shares were purchased from shareholders who tendered their shares at a 14 per cent discount or as final price tenders.

Woolworths assumed that the final exchange price was beyond the minimum prices set in the original tender form.

The shares purchased signify 2.2 per cent of Woolworths' issued capital. Prior to extending back tenders Woolworths bought 201 shares from each shareholder.

On Monday Woolworths alleged that the shareholders who held 306 shares or fewer and profitably tendered all their shares and had their entire shareholding bought back.

The company said that all other successful tenders were amounted back by 88.2 per cent.

Woolworths said it is expected that Australian Tax Office would issue the final class ruling and also verify that $22.54 per share of the buy-back price will be delicacy as a fully franked dividend.

It also expects capital proceeds of $6.00 for capital gains purposes, comprising $3.08 for the capital component and a $2.92 excess of the tax value over the buy-back price. Woolworths said by next Monday shareholders can look forward to payment for their shares.