Chennai, Dec 07 (UNI) Leading IT service provider Cognizant today announced that its Board of Directors has authorised the company to purchase an additional US Dollar 100 million of Cognizant common stock.
The Board's authorisation will expand the company's share repurchase program originally announced in September this year to US Dollar 200 million, a company release here said.
As of December five, Cognizant has repurchased approximately 3.1 million shares for USD 95.4 million at an average price of USD 30.90 per share.
Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable Federal Securities laws, including rule 10b-18.
The timing of repurchases and the exact number of common stock share to be purchased would be determined by the Company's management and depending upon market conditions and other factors.
The program would be funded by using the company's cash on hand and hand generated from operations, the release said adding the program may be extended, suspended or discontinued anytime.