Hewlett Packard raised its quarterly dividend by 10 percent, making good on a pledge to shareholders even as it struggles to stabilize its operations and grow its revenue.

HP has said it intended to increase its regular dividend annually, and that the increase would to be in the double digits. It has about 1.98 billion shares of common stock outstanding.

The current increase in the dividend will be effective as of May 2012. HP's previously announced dividend, payable on April 4, remains at 12 cents per share.

The company also amended its bylaws to reflect that it now has only 11 directors, down from 14 previously, HP said in a regulatory filing.

The slate of 11 directors were elected by shareholders at a meeting on Wednesday.

(Reporting By Poornima Gupta; Editing by Bernard Orr)