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Here's Why Syntel (SYNT) Stock Is Jumping Today

NEW YORK (TheStreet) -- Shares of Syntel (SYNT) were surging 11.7% to $45.45 on heavy trading volume late Monday afternoon after the digital outsourcing services company announced a special dividend of $15 per share.

The dividend will be payable on October 3 for shareholders of record as of September 22, according to a company statement.

Funding for the dividend will come from dividends paid to the Troy, MI-based company by various U.S. subsidiaries, a one-time repatriation of about $1.24 billion in cash held by Syntel's foreign subsidiaries and a portion of borrowings under a new senior...