The translated meaning:
I seek forgiveness from Allah the Mighty, The One who has none worthy of worship except Him, The Ever-Living and Sustainer. I repent to Him”
Some of the virtues of this Istighfar:
(Sayyiduna Abu Sa’id Al Khudri (radiyallahu ‘anhu) says: “Whoever says Astaghfirullahal ‘Azim Alladi La Ilaha illa Huwal Hayyul Qayyumu wa atubu ilayhi five times, his sins will be forgiven even they are like the foam of the ocean”
(Musannaf Ibn Abi Shaybah, Hadith: 30060)
(2)Sayyiduna Zayd (radiyallahu ‘anhu) reports that Nabi (sallallahu ‘alayhi wa sallam) said, “Whoever says Astaghfirullahal ‘Azim Alladi La Ilaha illa Huwal Hayyul Qayyumu wa atubu ilayhi [once], his sins will be forgiven even if he had fled from battle” (Sunan Tirmidhi, Hadith: 3577, Sunan Abi Dawud, Hadith: 1512)