 "Roshni Nadar, Chairperson of HCLTech")
The Securities and Exchange Board of India (Sebi) on Friday gave approval to Roshni Nadar to acquire majority shareholding from her father Shiv Nadar, founder of the HCL Group, in two promoter group companies.
The market regulator has exempted Roshni from the requirement of an open offer under takeover regulations for the proposed indirect acquisition of HCL Tech and HCL Infosystems.
Sebi’s exemption facilitates a smooth succession plan by allowing the acquisition as a “gift.”
With this approval, Roshni will be able to acquire a 47 per cent stake each in Vama Sundari Investments (VSIPL) and HCL Corporation from her father. After the acquisition, her stake in both promoter group firms will rise to 57 per cent.
VSIPL currently holds a 44.17 per cent stake in HCL Tech, while HCL Corp holds 0.17 per cent. In HCL Infosystems, HCL Corp holds 49.95 per cent of the equity share capital, while VSIPL has a 12.94 per cent holding.
However, Sebi has specified certain conditions for the exemption. The exemption is valid for one year, meaning the acquisition must be completed within this period.
"On completion of the proposed acquisition, the proposed acquirer shall file a report with Sebi within a period of 21 days from the date of such acquisition," said Sebi.
 "Binny Bansal")
 "Dan Bartlett, executive vice president, corporate affairs, Walmart Inc, appointed as a board member of Flipkart group")
 "Sagar Adani, executive director of BSE-listed Adani Green Energy")
 "Corruption")
 "Gautam Adan")
