On March 6, Shiv Nadar formalized the switch of his 47% stake in Vama Sundari Investments (Delhi) Personal Restricted and HCL Company Personal Restricted to his daughter, Roshni Nadar Malhotra, by two present deeds.
The stake switch makes Malhotra the most important shareholder in HCL Corp and Vama, giving her majority management over HCLTech and HCL Infosystems. The shift cements her place within the Nadar household’s enterprise empire, which has been present process a management transition lately.
Mukesh Ambani stays India’s wealthiest particular person with a internet price of $88.1 billion, adopted by Gautam Adani at $68.9 billion. Shiv Nadar, at present ranked third at $35.9 billion, will slip within the rankings after passing on his holdings to Malhotra, in accordance with Bloomberg Billionaires knowledge.
Malhotra can even achieve voting rights over Vama Delhi’s 12.94% stake and HCL Corp’s 49.94% stake in HCL Infosystems. Individually, Vama Sundari Funding, one other promoter entity, holds a 44.71% stake in HCLTech, valued at Rs 186,782 crore.
In November final yr, capital markets regulator Sebi granted an exemption to Roshni Nadar Malhotra, chairperson of HCLTech, from making an open provide for her deliberate oblique acquisition of shares and voting rights within the firm.The exemption was granted because the share switch is a non-commercial transaction between rapid members of the family and adheres to inter-transfer norms beneath takeover rules, eliminating the requirement for an open provide.Amongst IT companies on the BSE, Vama Delhi’s promoter stake is the second-highest by worth. It additionally ranks ninth among the many Prime 30 midcap companies by market capitalization.
Malhotra, chairperson of HCLTech since 2020, took over the management from her father. A graduate of Northwestern College with an MBA from the Kellogg College of Administration, she has been steering the corporate’s strategic route over the previous 4 years.
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