Yahoo to increase share buyback programme by USD 2 billion

Yahoo! Inc has told the US Securities and Exchange Commission (SEC) that it will increase its share buyback programme by $2 billion.

The decision extends to $5 billion the buyback that the company started in 2013.

The company's board of directors approved the additional buybacks on Thursday.

"The board of directors of Yahoo! Inc approved an additional share repurchase programme of $2 billion which will expire on March 31, 2018," said the company document submitted to SEC.

Buyback programmes are commonly used to boost the price of securities in stock exchange as reducing the number of outstanding shares increases the relative value of those remaining.