Cognizant declares 2:1 stock split

CHENNAI: Cognizant Technology Solutions Corporation, a leading provider of IT services, has 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, subject to stockholder approval of an increase in the company’s capital stock authorization at its upcoming annual meeting scheduled for May 26, 2004.

Subject to such approval, stockholders on 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.

"The stock split recapitalization reflects the Board's confidence in the company's future prospects," said 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."

CIOL Bureau