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HCL Technologies' Vice-Chairman and Chief Executive Officer Mr Vineet Nayar sold his entire stake in the company for Rs 133.58 crore on Friday.
This has fuelled rumours of his imminent exit from the company.
The move also comes within a few days of the company appointing him Joint Managing Director for five years.
Trusts
According to a filing on the Bombay Stock Exchange, he had 27 lakh equity shares, with a face-value of Rs 2 each.
He had 0.38 per cent stake in the company, which he sold through India Infoline Ltd.
Of the 27 lakh shares, 17 lakh were held in the names of two trusts.
Earlier, in 2009, Mr Nayar had sold 10 lakh shares in the open market for Rs 31.40 crore.
When asked about the recent offloading of shares, a company spokesperson said Mr Nayar would donate this amount to his non-profit organisation Sampark.
“Besides his commitments at HCL, he has also been deeply involved in philanthropic causes through his NGO Sampark, which he established in 2004,” the spokesperson told Business Line , adding that he may use the proceeds for some other investments that he may wish to make.
Academic institutions
Mr Nayar has been part of the company since 1985 and is currently functioning as the CEO and Vice-Chairman.
The proceeds from sale of these shares, post-tax, would go as endowments to the academic institutions he has attended as well as towards the establishment of a Trust, the spokesperson added.
> ronendrasingh.s@thehindu.co.in
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