HCLTech Co-founder Shiv Nadar has gifted 47% shareholding in the company's promoter firms to his daughter Roshni Nadar Malhotra, in a bid to streamline succession, according to an exchange filing.
Nadar is transferring 47% shareholding in Vama Sundari Investments (Delhi) Pvt. (Vama Delhi) and 47% shareholding in HCL Corp.
“Gift Deeds have been executed pursuant to a private family arrangement intended to streamline succession, which would ensure continuity of ownership and control by Mr. Shiv Nadar Family (promoter family) and would provide desired stability to the company,” the exchange filing read.
Immediately prior to execution of the gift deeds, Shiv Nadar and Roshni Nadar Malhotra held 51% and 10.33% shareholding respectively, in both Vama Delhi and HCL Corp.
After the transfer, Malhotra will acquire control of and become majority shareholder of Vama Delhi and HCL Corp and accordingly will acquire control over the voting rights in relation to the 44.17% stake held by Vama Delhi and 0.17% stake held by HCL Corp in the company.
Nadar passed the reins to his daughter Roshni Nadar in July 2020, making her the first female chair of an Indian IT company that was listed. Additionally, Nadar resigned as managing director of HCL Technologies in July 2021. C Vijayakumar, the CEO of HCL Technologies, took over as managing director for a five-year period.
Shiv Nadar, along with a group of eight engineers including Arjun Malhotra, Ajai Chowdhry, DS Puri, Yogesh Vaidya, and Subhash Arora, founded HCL in 1976. He is considered as
one of the pioneers of the IT industry in India. Nadar has also received the Padma Bhushan in 2008 in recognition of his work in the IT sector. The company started as Microcomp Limited, later renamed Hindustan Computers Ltd. (HCL) on Aug. 11, 1976. It initially focused on making personal computers.
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