The Securities and Exchange Board of India on Friday gave the go-ahead to Roshni Nadar Malhotra to acquire a majority shareholding in two promoter group companies of HCLTech from her father and founder of HCL Group Shiv Nadar.
The development is part of the succession planning of the Nadar family and, subsequent to the transfer, the aggregate shareholding of the promoter and promoter group of HCLTech would remain unchanged at 60.82%.
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As per the approval, Roshni Nadar will acquire shares of Vama Sundari Investments (Delhi) (VSIPL) and HCL Corporation (HCL Corp).
HCL Corp is a non-deposit taking systematically important non-banking finance company (NBFC) registered with the Reserve Bank of India.
VSIPL holds 44.17% and HCL Corp holds 0.17% in HCLTech.
Roshni Nadar had applied to SEBI for allowing the transfer of 47% of the share capital of VSIPL from Shiv Nadar and 47% of the share capital of HCL Corp from him.
Currently, she holds 10.33% of VSIPL’s shareholding and Shiv Nadar holds 51% of the same; and she holds 10.33% of HCL Corp and Shiv Nadar holds 51% of the same.
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After the transfer, Roshni Nadar would hold 57.33% of VSIPL and Shiv Nadar would hold 4% of the same; and she would hold 57.33% of HCL Corp and Shiv Nadar would hold 4% of the same.
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