Coca-Cola Co.'s board of directors have authorised a share repurchase and declared a quarterly dividend for shareholders.

Coke will buy back up to 300m shares of common stock, which represents nearly 13% of the soft drinks group's total outstanding shares, upon the expiration of the company's current plan in October.

A regular quarterly dividend of US$0.31 per common share has also passed through the boardroom, payable on 1 October to shareholders of record as of 15 September.

Coke chairman and chief executive officer Neville Isdell said: "Our new share repurchase program reflects the board's continued confidence in the company's future performance and our long-term cash flow generation.

"This new plan, combined with 44 years of consecutive annual dividend increases, underscores our continued commitment to delivering increased value to shareowners."