Chipmaker Texas Instruments Inc said it plans to buy back shares worth up to $7.5 billion as part of a new repurchase program.

The company said Thursday’s buyback program was in addition to the $1.8 billion remaining at the end of June from a previous plan.

If the company buys back shares at Thursday’s close of $48.15, it could repurchase about 15 percent of total shares outstanding under the new program.

The company also raised its quarterly cash dividend by 12 percent to 38 cents per share.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)

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