UPDATE 1-General Mills raises dividend, gets new buyback OK

* Raises payout to $0.28/shr/qtr, up 16.7 pct

* Says board approved 100 mln share buyback authorization

* Shares up 0.3 pct in after hours trading

NEW YORK, June 28 (Reuters) - General Mills Inc (GIS.N) on Monday said it would raise its cash dividend by 16.7 percent, saying the move reflected its financial health.

The food company, whose brands include Cheerios, Green Giant, Haagen-Dazs, Pillsbury and Wheaties, also said its board approved a new buyback of as many as 100 million shares, replacing an earlier authorization.

General Mills declared a quarterly dividend of 28 cents per share, payable on Aug. 2 to shareholders of record on July 12. At an annualized rate, the higher dividend comes to $1.12 per share, up from the previous rate of 96 cents per share.

Shares rose 12 cents in after-hours trading from a closing price on Monday of $37.40 on the New York Stock Exchange.

(Reporting by Phil Wahba; Editing by Bernard Orr)