TROY, Mich., Nov. 17, 2010 (GLOBE NEWSWIRE) -- Syntel, Inc. (Nasdaq:SYNT), a global information technology services and Knowledge Process Outsourcing (KPO) firm, announced the pricing, on November 16, of its previously announced secondary public offering of 2,610,000 shares of the Company's common stock by Founder and Chairman, Bharat Desai, at a price to the public of $47.50 per share. Proceeds to the selling stockholder from the offering are approximately $45.36 per share. Syntel will not receive any proceeds from the sale of shares in the offering.
J.P. Morgan and Jefferies & Company are acting as joint book-running managers for the offering. William Blair & Company is acting as a lead co-manager, Janney Montgomery Scott is acting as a co-manager, and Sidoti & Company, LLC and Noble Financial Capital Markets are acting as junior-co-managers. The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 390,000 shares to cover over-allotments, if any.
The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission and may be made only by means of a prospectus supplement and accompanying base prospectus. A copy of the prospectus supplement and accompanying base prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from J.P. Morgan Securities LLC; J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204, or from Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY, 10022, telephone: (877) 547-6340, email: Prospectus_Department@Jefferies.com.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About Syntel
Syntel is a leading global provider of integrated information technology and Knowledge Process Outsourcing solutions spanning the entire lifecycle of business and information systems and processes. The Company is driven by its mission to create new opportunities for clients by harnessing the passion, talent and innovation of Syntel employees worldwide. Syntel leverages dedicated Centers of Excellence, a flexible Global Delivery Model, and a strong track record of building collaborative client partnerships to create sustainable business advantage for Global 2000 organizations. Syntel is assessed at SEI CMMi Level 5, and is ISO 27001 and ISO 9001:2000 certified. As of September 30, 2010, Syntel employed more than 16,200 people worldwide. To learn more, visit us at: .
Safe Harbor Provision
This news release includes 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, 2009 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.
CONTACT: Syntel, Inc. Jon Luebke (248) 619-3503 jon_luebke@syntelinc.com