Nifty22,552.507.8

English EditionEnglish Editionहिन्दी ગુજરાતી मराठी বাংলা ಕನ್ನಡ മലയാളം தமிழ்తెలుగు

| Today's ePaper

My Watchlist

Shiv Nadar gifts 47% stake in HCLTech promoter firms to daughter Roshni

SECTIONS

ETtechLast Updated: Mar 07, 2025, 11:44:00 PM IST

Font Size

Save

Comment

Synopsis

This makes Roshni Nadar Malhotra the majority shareholder with a 57.33% ownership, along with an increase in voting rights, while Shiv Nadar’s stake in the promoter entities will decrease to 4%. Together, these promoter entities hold a combined 44.34% stake in HCL Technologies as of the end of December 2024.

In the latest succession planning at India’s largest promoter-backed companies, HCLTech promoter Shiv Nadar, on Thursday, transferred 47% of his shareholding each in two promoter entities including Vama Sundari Investments and HCL Corporation to his daughter Roshni Nadar Malhotra as a gift deed, as per a late evening regulatory disclosure on Friday.

This makes Malhotra the majority shareholder with at 57.33% ownership along with increase in voting rights, while Shiv Nadar’s stake will reduce to 4% in the promoter entities.

Both these promoter entities collectively hold a significant 44.34% stake in HCL Technologies, as on December end 2024.

Shiv Nadar and Roshni Nadar Malhotra are promoters of HCLTech and also shareholders of Vama Sundari Investments and HCL Corporation. They also directly own sub-1% stake in HCLTech.

“A Gift deed dated March 6, 2025 executed by Mr. Shiv Nadar in favour of his daughter Ms. Roshni Nadar Malhotra for transfer of his 47% shareholding in Vama Sundari Investments (Delhi),” the IT major said in a regulatory filing adding a statement about a similar transfer of shareholding in HCL Corporation.

“Immediately prior to execution of the Gift Deeds, Mr. Shiv Nadar and Ms. Roshni Nadar Malhotra held 51.00% and 10.33% shareholding respectively,” in both Vama Delhi and HCL Corp, the filing added.

Discover the stories of your interest

Prior to the transfer, both these promoter entities collectively held a significant 44.34% stake in HCLTech, India’s third largest IT services player.

“Consequent to the aforesaid transfer, Ms. Roshni Nadar Malhotra shall acquire control of and become majority shareholder of Vama Delhi and HCL Corp,” the filing added.

In November last year, capital markets regulator Sebi granted an exemption to Malhotra, chairperson of HCLTech, from making an open offer for her proposed indirect acquisition of shares and voting rights in the company.

As the share transfer is a non-commercial transaction between immediate relatives and complies with inter transfer norms under the takeover regulations, the requirement for an open offer has been waived.

The overall promoter group’s shareholding in HCLTech will remain unchanged at 60.81%, and public shareholding, currently at 38.98%, will also remain intact.

Sebi noted that the deal would not affect public shareholders or market dynamics.

Meanwhile, in October 2024, Vama Sundari Investments acquired a 100% stake in HDFC Bank’s subsidiary firm HDFC Education and Development Services for a total of Rs 192 crore.