IBM OKs another $15 bln for share buybacks

Tue Oct 29, 2013 12:40pm EDT

Oct 29 (Reuters) - IBM has approved another $15 billion for share buybacks on top of about $5.6 billion set aside previously and left over from an earlier authorization, helping its shares gain 2 percent on Tuesday.

The latest authorization takes the total set aside for its stock repurchase program to $20.6 billion, to be executed at the company's discretion. It said it expects to request additional funds at its October 2014 board meeting.

International Business Machines Corp also said in a statement it will pay a regular quarterly dividend of 95 cents a share on Dec. 10 to holders of record as of Nov. 8.

Shares of Big Blue were up 2 percent at $180.90 at midday.