Shiv Nadar Foundation sells 56 lakh shares in HCL Technologies

The Shiv Nadar Foundation has sold 56 lakh shares worth over Rs.1,150 crore in HCL Technologies, a company statement said here on Monday.

"Governance, tax and legal regulations require the foundation to sell these shares by March 31, 2015. In fulfilment of these conditions, a sale of 56,00,000 shares of HCL Technologies is effected in the open market on March 9, 2015, which completes the sale transaction," the company said in a statement.

Shiv Nadar Foundation is the philanthropic initiative of Shiv Nadar. He is the founder and chairman of HCL.

The foundation held this 0.79 percent share of the company by donations from HCL Corporation and Associates.

"This transaction has been concluded at one go at a discount to the last closing price of HCL Technologies share to avoid any overhang in the market for shareholders of HCL Technologies," it said.

The last sale of HCL Technologies shares by the Foundation was in February 2012.

"Proceeds of this sale will be used to realise various objectives and initiatives of the Foundation," the statement added.

HCL Technologies on Monday closed trade at Rs.2,067.35 per share, up Rs.2.60 or 0.13 percent in the Bombay Stock Exchange.