HCL Corp Divests 1.44% In HCL Technologies for R500Cr
by Vivek Singh
HCL Corp has divested 1.44% stake in HCL Technologies Limited through bulk deal on the exchange for R500Cr.
HCL Corp sold 10 Mn shares for R500.15 apiece, through promoter company Slocum Investments. Meanwhile, RBOS Plc purchased 81.19 lakh shares of HCL Technologies for 500 per share in a deal worth R405.95Cr.
The offload is likely to raise money for charitable works, underway by the Shiv Nadar Foundation.
Shiv Nadar has committed about 10% of his wealth to charitable cause.
As of March quarter, Slocum Investments held 46.51% stake (32.19Cr shares) in HCL Technologies.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.