Microsoft Corp said on Wednesday its board had approved a new share repurchase programme of up to $40 billion and raised its quarterly dividend.

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The company's shares rose 1.3 percent to $140.35 in after-market trading.

Microsoft, which said it would hold its annual shareholders meeting on December 4, also declared a quarterly dividend of 51 cents per share, 11 percent higher than the preceding quarter.

The repurchase programme, which has no expiration date, may be terminated at any time.

The Redmond, Washington-based company returned $7.7 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2019.