"This special dividend underscores the Board's confidence in Syntel's long-term growth opportunities and its strong financial position," said Bharat Desai, Chairman and CEO of Syntel. "We are especially pleased that our continued profitability has enabled this additional return to our shareholders, while continuing our investment program in new global facilities, sales and marketing and new service offerings."
"We believe that this special dividend, combined with our continuing quarterly dividends, will attract a broader range of investor to Syntel's stock," Desai said. "We continue to anticipate strong growth in the global IT services sector and remain committed to attracting long-range investors who share this enthusiasm and take a long-term view of the company's growth opportunities."
On July 29, 2003, Syntel declared a special one-time dividend of $1.25 per share as well as the initiation of a quarterly cash dividend of $0.06 per share to shareholders of record. The special one-time dividend of $1.25 was paid on September 12, 2003 and the first quarterly dividend of $0.06 per share was paid on October 13, 2003. Syntel is one of the few global IT services firms paying a cash dividend to its shareholders.