Although the repurchase program of its shares is not time bound, it is on track to complete the program by December 31.

Much to the cheers of shareholders, Microsoft has announced today that it would not only raise its quarterly dividend by 8% but also buyback its share worth $40 billion, as part of its new share buyback program.

Microsoft has raised its dividend to 39 cents per share, which is up by 3% from the previous quarter. Last September, the tech giant had raised its dividend.

Significantly, Microsoft has stated that the share buyback program does not have any expiration date and could be terminated at any time.

It has also stated that as of now it was on track to complete the repurchase program by December 31.

With this news hitting the market, Microsoft’s shares rose by 1% to $57.41 in extended trading on Tuesday.

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