3.5 mn HCL Info shares sold

Shiv Nadar-owned HCL Corporation, the promoter company of HCL Infosystems, sold 3.5 million shares of HCL Infosystems about three weeks before the company announced to the stock exchanges that it would no longer be the sole distributor for Nokia GSM handsets.

HCL Corporation has sold 35,74,627 shares aggregating 2.13 per cent of the total share capital of HCL Infosystems between December 22, 2005 and to January 20, 2006, according to a stock exchange filing dated January 27.

Currently, HCL Infosys holds 45.26 per cent in the company. Similarly, Ajay Chowdhury, the managing director of the company, sold 15,000 shares on September 28.

The Indian promoters have reduced their stakes in HCL Infosystems over the past one year. In December 2004, the promoters held 62.44 per cent in the company, which went down to 57.31 per cent by December 31, 2005.

Similarly, HCL Corporation, which held 50.11 per cent in the company in December 2004, has brought it down to 46.71 per cent.