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This approval permits Roshni to reinforce her possession in key entities controlling HCL Technologies
HCL Tech
The Securities and Exchange Board of India (Sebi) has granted Roshni Nadar, Chairperson of HCL Technologies, an exemption from making an open supply in relation to her proposed oblique acquisition of shares and voting rights within the firm.
This approval permits Roshni to reinforce her possession in key entities controlling HCL Technologies, a strategic transfer aimed toward facilitating smoother succession planning throughout the Nadar household.
As per Sebi’s order, Roshni Nadar will purchase a 47% stake in two promoter entities, Vama Sundari Investments and HCL Corporation, from her father, Shiv Nadar, the founding father of HCL. These entities collectively maintain a mixed 44.34% stake in HCL Technologies. After the transaction, Roshni’s possession in these entities will rise to 57.33%, whereas Shiv Nadar’s stake will lower to 4%.
Sebi clarified that whereas this transaction includes an oblique acquisition of shares and voting rights in HCL Technologies, the exemption from the open supply requirement is granted as a result of the switch is a non-commercial transaction between rapid family members and complies with inter-transfer norms beneath takeover rules.
The general promoter group’s stake in HCL Technologies will stay unchanged at 60.82%, and the general public shareholding, at the moment at 38.98%, will stay unaffected.
The regulator has instructed the promoters to finish the transaction inside one yr and submit a report inside 21 days after its completion. The exemption applies solely to the open supply requirement and doesn’t waive compliance with insider buying and selling or itemizing disclosure obligations.
This transaction is a component of a bigger succession plan throughout the Nadar household to make sure the continuity of management at HCL Technologies. Sebi additionally emphasised that the deal won’t influence public shareholders or market dynamics.
