HCL Technologies plans IPO at a par value of Rs 4

BANGALORE: HCL Technologies (HCLT) has decided to make its initial public offer

(IPO) in the Indian market at a par value of Rs 4 per share. The company has also postponed its idea of US listing till June next year when the management would again evaluate the necessity of US listing. HCLT had obtained SEC clearance for getting listed on the NYSE and would need to re-submit revised financial figures before going for listing at the NYSE.

HCLT executive vice-president Vineet Nayar said, "We are looking at the Indian stock exchanges for the time being and would issue 1.4 crore additional shares having a par value of Rs 4 per share. Six months after HCL's successful listing in the country, we would evaluate our appetite for more funds and consider the US listing option. As per the SEC approval, the company would have to file revised financial status with SEC whenever the listing is proposed."

According to sources, HCL Technologies is looking at offering stock option to its employees at about Rs 580 per share which is approximately 10 per cent less than the expected market value for a Rs 4 share.