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Shares of Hewlett-Packard slumped by more than 20 percent to a six-year low on August 19,2011 as investors wiped about $16 billion off the market value of the world's biggest PC maker in a resounding rejection of its plan for a major shake-up. Credit: Reuters/Charles Platiau/Files SAN FRANCISCO | Fri Mar 23, 2012 5:59pm EDT SAN FRANCISCO (Reuters) - 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) Tech Hot Stocks Asian Markets Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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