Financial Daily from THE HINDU group of publications
Wednesday, Apr 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 14, 2004 |
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Info-Tech
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Software Cognizant announces two-for-one stock split Our Bureau
Chennai , April 13 COGNIZANT Technology Solutions Corporation today announced that its Board of Directors has declared a two-for-one stock split on its capital stock in the form of a stock dividend. This is subject to stockholder approval of an increase in the company's capital stock authorisation at its upcoming annual meeting scheduled for May 26, 2004. Subject to such approval, stockholders of record as of May 27, 2004 will be entitled to one additional share of common stock for each share held on the record date. The stock dividend distribution is expected to occur on or about June 17, 2004 and it is anticipated that the company's Class A Common Stock will begin trading on a post-split basis the business day following the distribution date, says a company release. "The stock split recapitalisation reflects the board's confidence in the company's future prospects," said Mr Lakshmi Narayanan, President and Chief Executive Officer. "This stock split is expected to result in a trading volume and trading range for our stock likely to appeal to a broader spectrum of investors."
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