HCL denies media report of Shiv Nadar seeking to sell his $10 bn stake
21 February 2014
HCL Corp, the holding company for HCL Technologies - India's fourth-largest software and outsourcing company, denied a media report that its founder Shiv Nadar was seeking to sell his stake worth $10 billion in the company.
"HCL Corporation denies any plans to exit HCL Technologies," it said in a statement to Reuters.
Citing two unidentified people who were briefed on the matter, The Wall Street Journal had reported that Nadar, who holds around 62-per cent stake in HCL Technologies, was seeking potential buyers for his stake worth $10 billion.
HCL Technologies has a market value of $16.6 billion.
The report added that Nadar is selling his stake because his only child, Ms Roshni Nadar, is not interested in continuing in the business. Roshni is a director on HCL's board and CEO of HCL Corp.