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Cognizant announces 3 for 1 stock split
By siliconindia
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Thursday, 06 March 2003, 20:30 IST
TEANECK: Cognizant Technology Solutions Corporation (Nasdaq:CTSH), a provider of custom software development, integration and application outsourcing services, Thursday announced that its Board of Directors has declared a three-for-one stock split on its capital stock in the form of a stock dividend.
"Stockholders of record as of March 19, 2003 will be entitled to two additional shares of common stock for each share held on that date. The stock distribution is expected to occur on or about April 1, 2003, and the company's Class A Common Stock will begin trading post-split the day after the distribution date," the company announced in an official release.
"The stock split reflects the Board's confidence in the company's future prospects," said Kumar Mahadeva, chairman and chief executive officer of Cognizant. "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."