UPDATE 1-PetSmart gets board nod to raise dividend, buy shares

* Gets board nod to boost dividend

* Gets nod to buy back up to $400 mln shares

June 21 (Reuters) - Pet products retailer PetSmart Inc (PETM.O) Monday said it got its board's nod to raise quarterly dividend by 25 percent and to buy back up to $400 million of its shares.

The company will pay shareholders dividend of 12.5 cents a share, up from 10 cents a share, on August 13.

The company's board also authorized a new share repurchase plan worth $400 million, which replaces the retailer's current $350 million buy back plan, including $103 million the company has left under the current plan.

The program expires in January 2012, the company said.

Shares of the company, which also offers pet boarding and grooming services, were slightly up at $31.87 in extended trade. They closed at $31.68 Monday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Don Sebastian)