Ford Issues Major Recall on Over 422,000 Vehicles Due to Windshield Wiper Defect 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
Tesla Q1 2026 Deliveries Miss Estimates as AI Strategy Takes Center Stage 
Trump Administration Plans 100% Tariffs on Pharmaceutical Imports 
Britain Courts Anthropic Amid US Defense Department Dispute 
UPS and Teamsters Reach Agreement to Limit Driver Severance Program 
Annie Altman Amends Sexual Abuse Lawsuit Against OpenAI CEO Sam Altman 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
Private Credit Under Pressure: Is a Slow-Motion Crisis Unfolding? 
TSMC Japan's Second Fab to Produce 3nm Chips by 2028 
Microsoft's $10 Billion Japan Investment: AI Infrastructure and Data Sovereignty Push 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Samsung Electronics Eyes Record Q1 Profit Amid AI-Driven Chip Boom 
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover 
Alibaba Shares Slide as Jefferies Slashes Price Target Over AI Spending and Business Losses 
TROY, Mich., Nov. 16, 2016 -- Syntel, Inc. (Nasdaq:SYNT), a global leader in digital modernization, information technology and knowledge process services for Global 2000 companies, today announced that its Board of Directors has authorized a stock repurchase plan under which the Company may repurchase shares of common stock with a total value not to exceed $10,000,000.00.
Repurchases under the Company’s new program may be made in open market or privately negotiated transactions or through a Rule 10b5-1 plan in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. Any repurchased common stock will be available for use in connection with the Company's incentive plan and for other corporate purposes.
Syntel had 84,100,928 shares of common stock issued and outstanding as of September 30, 2016.
About Syntel
Syntel (Nasdaq:SYNT) is the global leader in digital modernization services, with a core suite of automation-driven IT and knowledge process services. Syntel helps global enterprises thrive in the Two-Speed World™ by building agile, efficient technology infrastructures that blend legacy business models with disruptive digital innovations. Syntel’s recursive automation platform, SyntBots®, enables clients to manage, migrate, and modernize their business and technology ecosystems. Syntel believes in a "Customer for Life" philosophy to build collaborative partnerships and creates long-term business value for its clients by investing in IP, solutions and industry-focused delivery teams with deep domain knowledge.
To learn more, visit us at: www.syntelinc.com
Safe Harbor Provision
This news release may include forward-looking statements, including those with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 or from other factors not currently anticipated.
Contact: Zaineb Bokhari, Syntel 646-538-9898, [email protected]
