Home / Companies / News /  HCL falls after Shiv Nadar Foundation sells 5.6 million shares

Mumbai: Shiv Nadar Foundation, a charity started by Shiv Nadar, founder of HCL Corp. and chairman of HCL Technologies Ltd, in 1996 to support education and art in India, announced on Monday that it has put on sale all of its 5.6 million equity shares held in HCL Technologies in the open market.

This is in keeping with governance, tax and legal regulations requiring the foundation to sell these shares latest by 31 March.

In a statement to the BSE, Shiv Nadar Foundation said proceeds of this sale will be used for various objectives and initiatives of the foundation.

The last sale of shares in HCL Technologies by the foundation was in February 2012.

At 11.08am, shares of HCL Technologies lost 0.96% to 2,045, while the benchmark Sensex was down 1.26% at 29,078.87 points.

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