Shiv Nadar and his family-promoted HCL Corporation has sold 16.75 million shares in HCL Technologies, constituting 2.5 per cent stake in the information technology company, for an estimated Rs 580 crore.
“HCL Corporation has sold 16.75 million of shares in HCL Technologies. The sale proceeds will be donated to Shiv Nadar Foundation to be used for philanthropic initiatives," HCL Corp said in a statement. HCL Corporation, headed by Shiv Nadar's daughter, Roshni, holds 50.27 per cent stake in HCL Technologies.
Though the company did not specify how much money was raised through the stake sale, the proceeds would be over Rs 580 crore, going by today's share price of Rs 347 per share.
Shares of HCL Technologies plunged 7 per cent to a low of Rs 347 a piece on the Bombay Stock Exchange (BSE) in morning trade. Recovering partially from early heavy losses, HCL Technologies today closed nearly four per cent down after its promoters HCL Corporation sold the stake. The HCL Technologies counter shed 3.90 per cent to settle at Rs 358.85 on the BSE. On the National Stock Exchange, it fared better and closed 2.09 per cent lower at Rs 364.95. On the volume front, a total of 373,000 HCL Tech shares changed hands on both the bourses, thereby becoming one of the top volume grossers today.
The sale proceeds will be donated to the Shiv Nadar Foundation to be used for philanthropic initiatives, thereby making him one of the largest philanthropists in the country, according to a statement from HCL Corp.
