The Shiv Nadar Foundation has exited HCL Technologies by selling the 56 lakh shares it owned — 0.79 per cent of the company — in the open market on Monday.
According to bulk deal data on the BSE, the sale value of the transaction is pegged at ₹1,108.90 crore. Buyers' names are, however, not available.
The Foundation plans to use the proceeds to fund its initiatives. A communication from the foundation to the BSE said it was required to sell the shares by March 31 in accordance with “governance, tax and legal regulations”.
“In fulfilment of these conditions, a sale of 56,00,000 shares of HCL Technologies is effected in the open market on Monday…which completes the sale transaction,” the BSE notice said.
Shares of HCL Technologies closed at ₹2,055.55 on the BSE, a fall of 0.45 per cent over last Thursday’s close. The BSE was shut on Friday.
The Foundation was established by Shiv Nadar, Founder of HCL Corp, in 1996, with the objective of supporting education and the arts.