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Our Bureau

Mumbai , Jan. 27

THE Securities and Exchange Board of India (SEBI) granted exemption to Ms Roshni Nadar from making an open offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 for the proposed acquisition of shares of HCL Technologies Ltd.

HCL Holding Pvt Ltd. is a wholly-owned subsidiary of Vama Sundari Investments Pvt Ltd, and Dr S.N. Balakrishnan holds the entire share capital of the company.

HCL Holding Pvt Ltd holds 20.62 per cent of shares of HCL Technologies.

Dr Balakrishnan proposes to transfer the entire shareholding of Vama Sundari Investments Pvt Ltd to the acquirer by way of gift, which would result in the indirect acquisition of 20.62 per cent of shares of HCL Technologies.

After the proposed acquisition, the total shareholding of the promoter group in HCL Technologies would continue to be 75.77 per cent and there would be no change in control, said a SEBI press release.

The application seeking exemption was forwarded by SEBI to the Takeover Panel.

The Panel recommended for exemption to the acquirers from making an open offer, the release said.

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Roshni Nadar exempted from making open offer for HCL Tech

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