HCL Corp sells 2.5 per cent stake in HCL Technologies to invest in education
24 Jun 2010
Shiv Nadar-promoted HCL Corp today sold about 2.5 per cent of its stake in one of its holding firms, HCL Technologies, through block deals for an estimated Rs580 crore.
The sale proceeds would be donated to the Shiv Nadar Foundation, to promote educational initiative. Roshni Nadar, 28, daughter of billionaire Shiv Nadar and CEO of the HCL Group, is overseeing the group's educational initiative.
HCL Corporation holds a 50.27 per cent stake in HCL Technologies.
A statement released by the company did not quantify the money it raised from the stake sale. However, market sources estimate it to be over Rs580 crore based on today's Rs347 share price.
Roshni Nadar, 28, daughter of billionaire Shiv Nadar, and CEO of the HCL Group, oversees the education initiatives of the Shiv Nadar Foundation. A graduate of Kellogg School of Management, she was appointed CEO of the HCL Group in April last year, while her father remains chairman.
Alongside her CEO duties Roshni has been involved in the VidyaGyan Schools initiative since inception and helped launch their first school in July 2009.