Shiv Nadar Foundation sells 0.8% stake in HCL Technologies for $180M

The charitable arm of HCL Group founder Shiv Nadar has sold around 0.8 per cent of IT major and group flagship HCL Technologies for around Rs 1,130 crore ($180 million) on Monday through an open market transaction.

The transaction is in line with legal regulations and tax compliance which required the foundation to sell its stake by March 31, 2015, it said in a stock market disclosure.

The last sale of shares by the foundation was in February 2012.

India's fourth-largest software services firm HCL Technologies was founded in 1991 and provides software-led information technology solutions, remote infrastructure management services and business process outsourcing (BPO) services.

Shares of HCL Technologies were trading at Rs 2,054 each, down 0.52 per cent on BSE in a weak Mumbai market on Monday at 12.25 PM.

Established in 1994, Shiv Nadar Foundation is associated with initiatives in the fields of education and culture.

It runs institutions such as Shiv Nadar University, Shiv Nadar School and Kiran Nadar Museum of Art, among others.

It had received 5.6 million shares of HCL Technologies at a book value of Rs 616 crore as corpus donation from a promoter company. Also, the promoter companies pledged to contribute Rs 3,000 crore through a board resolution dated September 19, 2013 in the next five years to support its initiatives.

The foundation's investment outlay as on March 2014 was close to $500 million and it ended March 31, 2014 with balance sheet size of close to Rs 2,950 crore, as per its last annual report.

(Edited by Joby Puthuparampil Johnson)

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