HCL sells 2.5 p.c. stake in HCL Tech

MUMBAI, INDIA: HCL Corporation said on Thursday that it sold 16.75 million shares, or about 2.5 per cent, in HCL Technologies and the sales of the proceeds will be donated to Shiv Nadar Foundation, HCL said in a statement.

HCL Corporation is a holding company (a promoter company held privately by Shiv Nadar and his family) of the HCL Enterprise, which includes two publicly listed companies HCL Technologies Ltd and HCL Infosystems Ltd.

The proceeds would be used for the education initiatives of the Shiv Nadar Foundation, one of India's largest philanthropic institutions, the statement said.

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HCL said the Foundation is committed to the creation of a more equitable, meritocracy-based society by empowering individuals to bridge the socio-economic divide - primarily through outstanding educational institutions that provide meritorious students the opportunity to benefit from world class transformational education.

The Shiv Nadar Foundation has been established by Shiv Nadar, who founded HCL - a $5 billion leading global technology and IT enterprise, which employs over 64,000 employees across 26 countries. The 33-year-old enterprise, founded in 1976, is one of India's original IT garage start-ups and offers diverse business aligned technology solutions spanning the entire hardware and software spectrum, to a focused range of industry verticals.

So far, the Foundation has set up many institutions in Tamil Nadu and now it is planning to set up the Shiv Nadar University in a 286 acre campus adjacent to Delhi.

Following the reports, shares of HCL Technologies tanked 7 per cent on BSE in morning trade. However, later it picked up and at around 3.45 pm, HCL shares were traded at Rs 358.85, 3.9 per cent down compared to the previous day's close.