Sebi okays transfer of shares of HCL Tech's two promoter group entities; paves way for Nadar family's succession planning

VSIPL holds 44.17 percent and HCL Corp holds 0.17 percent in HCL Tech.

Source: SEBI Order

Roshni Nadar had applied to SEBI for allowing the transfer of 47 percent of the share capital of VSIPL from Shiv Nadar and 47 percent of the share capital of HCL Corp from him.

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Currently, Roshni Nadar holds 10.33 percent of VSIPL's shareholding and Shiv Nadar holds 51 percent of the same; and she holds 10.33 percent of HCL Corp and Shiv Nadar holds 51 percent of the same.

After the transfer, Roshni Nadar would hold 57.33 percent of VSIPL and Shiv Nadar would hold 4 percent of the same; and she would hold 57.33 percent of HCL Corp and Shiv Nadar would hold 4 percent of the same.

The SEBI order made the following observations among others:

1.The Application submitted is in respect of the proposed indirect acquisition of shares and voting rights in the Target Company (HCL Tech).

2.The proposed indirect acquisition would not affect or prejudice the interests of the public shareholders of the Target Company in any manner.

3. There shall be no change in control of the Target Company pursuant to the proposed acquisition.

4. The Target Company shall continue to be in compliance with the Minimum Public Shareholding requirements.