Sebi clears Roshni Nadar’s family share transfer in HCL Tech, aimed at smooth succession
HCL Tech, from making an open offer for her proposed indirect acquisition of shares and voting rights in the company.
This approval paves way for Roshni to take a larger ownership role in key entities that control HCL Technologies, a move aimed at ensuring smoother succession planning within the Nadar family.
According to Sebi's order, Roshni Nadar will acquire 47% of the equity in two promoter entities, Vama Sundari Investments and HCL Corporation, from her father and HCL founder, Shiv Nadar.
Both these promoter entities collectively hold a significant 44.34% stake in HCL Technologies. Following the transaction, Nadar’s holding in these entities will increase to 57.33%, while Shiv Nadar’s stake will reduce to 4%.
Sebi clarified that the transaction constitutes an indirect acquisition of shares and voting rights in HCL Technologies. However, as the 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.
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