Board authorizes Cognizant to purchase additional stock
The Board of IT major Cognizant Technology Solutions Corporation on Friday authorized the company to purchase an additional USD 100 million of its common stock.
By PTI |
CHENNAI: The Board of IT major Cognizant Technology Solutions Corporation on Friday authorized the company to purchase an additional USD 100 million of its common stock.
A press release said here today that the Board's authorisation expands the company's share repurchase programmed which was announced in September this year to USD 200 million.
Cognizant had repurchased a total of 3.10 million shares for USD 95.40 million at an average price of USD 30.90 per share, as of December 5, 2007, the release said.
The company also announced the election of John Fox to its Board of Directors.
With his election, the company's Board now consists of seven directors including five independent directors as per NASDAQ rules, the release said.
Fox had earlier served as Vice Chairman of Deloitte & Touche LLP and Global Director, Strategic Clients, Deloitte Consulting, the release said.
A press release said here today that the Board's authorisation expands the company's share repurchase programmed which was announced in September this year to USD 200 million.
Cognizant had repurchased a total of 3.10 million shares for USD 95.40 million at an average price of USD 30.90 per share, as of December 5, 2007, the release said.
The company also announced the election of John Fox to its Board of Directors.
With his election, the company's Board now consists of seven directors including five independent directors as per NASDAQ rules, the release said.
Fox had earlier served as Vice Chairman of Deloitte & Touche LLP and Global Director, Strategic Clients, Deloitte Consulting, the release said.
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