BackHCL Corp. denies stake sale in HCL Technologies; shares touch all-time high
Shares of HCL Technologies close up 2.92% at an all-time high of `1,538.25 on the BSE
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Mumbai: Shares of HCL Technologies Ltd, India’s fourth-largest software services exporter, on Friday ended at an all-time closing high of ₹ 1,538.25 on the BSE, up 2.92% from their previous close, following an article in The Wall Street Journal (WSJ) that said the company’s billionaire founder Shiv Nadar was “sounding out potential buyers for his $10 billion stake in the company".
The holding company of HCL Technologies denied the report.
“HCL Corp. denies any plans to exit HCL Technologies," a company spokesperson said in an email.
The WSJ report, which cited unnamed people, said, “Nadar, who founded HCL in 1991, has received bids for the company in the past, but has long said that he had no plans to sell. But now the 69-year-old is open to selling his stake because his only child, Roshni Nadar, isn’t interested in continuing in the business, one of the people said. If a sale takes place, it could be the biggest-ever technology stake sale in India."
Roshini Nadar, 32, is a director on HCL’s board and chief executive of its holding company, HCL Corp.
Shiv Nadar was yet to hire bankers to advise him on a sale, the WSJ report said.
India’s benchmark Sensex index ended at 20,700.75 points on Friday, up 0.8% from its previous close.
As on 31 December, Shiv Nadar held a 61.75% stake (through promoter and promoter group companies) or 431.5 million shares worth ₹ 66,376.26 crore ($10.68 billion) at Friday’s closing price.
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