UPDATE 1-Pepsi raising payout, to buy back $15 bln in stock

* To raise annual dividend by 7 pct to $1.92 a share

* To buy back up to $15 billion common shares

NEW YORK, March 15 (Reuters) - PepsiCo Inc (PEP.N) said on Monday it will raise its dividend by 7 percent to $1.92 a share annually, and also announced plans to buy back up to $15 billion of common shares through June 2013.

The world's No. 2 soft-drink maker said the increase in dividend will take effect when the board declares the next quarterly dividend, which is currently expected to be paid on June 30 to shareholders of record on June 4. (Reporting by Dhanya Skariachan, editing by Gerald E. McCormick)