Feb 2 (Reuters) - 3M Co, the maker of Scotch tape and Post-it notes, said it would buy back up to $10 billion worth of shares and also raised its quarterly dividend.

The company raised its quarterly dividend to $1.11 per share from $1.025 per share.

At Tuesday's close of 147.87, the company would be able to buy back about 67.6 million, or 11 percent, of its total outstanding shares.

3M said the new buyback program replaces its existing program and does not have a pre-established closing date.

(Reporting by Sweta Singh in Bengaluru; Editing by Savio D'Souza)