CORRECTED: Broadcom to buy back up to $12 billion of shares

Chipmaker Broadcom Inc said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading.

The company, which last month ended its efforts to acquire rival Qualcomm Inc , said the repurchase program is effective immediately until the end of Broadcom`s fiscal year 2019.

Broadcom moved back to the United States from Singapore earlier this month, following U.S. President Donald Trump`s decision to block its $117 billion offer to buy Qualcomm on national security concerns.

The San Jose, California based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday`s close.(This version of the story corrects to say "end of Broadcom`s fiscal year 2019" instead of "end of its fiscal year on Nov. 3" in second paragraph)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)