Yahoo Inc approved a plan to repurchase up to $3 billion of its common stock over the next three years, the company said on Wednesday.

The buyback program, which was approved by Yahoo's board on June 24, comes as the Internet company's existing stock repurchase program is nearly depleted and would allow Yahoo to repurchase shares worth as much as 15.6 percent of its $19.17 billion market capitalization.

Shares of Yahoo were up 11 cents at $13.95 in extended trading on Wednesday.

The company said in a filing with the Securities and Exchange Commission on Wednesday that the new share repurchases may take place in the open market or in privately negotiated transactions, including derivative transactions.

In October 2006, Yahoo approved a five-year, $3 billion stock buyback program. That program had $973 million in stock repurchases remaining at the end of 2009. Yahoo said at its annual shareholder meeting last week that it had repurchased $600 million worth of stock since the start of the year.

Yahoo had $3.24 billion in cash and short-term securities on its balance sheet as of March 31. The company has stepped up its pace of acquisitions in recent months, with deals to purchase Associated Content and Citizen Sports, both for undisclosed terms.

(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz)