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HCL denies report of founder seeking buyer for $10 billion stake
February 21, 2014 / 8:15 AM / 4 years ago

HCL denies report of founder seeking buyer for $10 billion stake

MUMBAI (Reuters) - HCL Corp, the holding company for HCL Technologies (HCLT.NS), denied a Wall Street Journal report that said its founder Shiv Nadar was seeking potential buyers for his $10 billion stake in the company.

“HCL Corporation denies any plans to exit HCL Technologies,” it said in a statement.

Billionaire Shiv Nadar owns a roughly 62 percent stake in HCL Technologies, India’s No. 4 IT services exporter, through group companies.

Nadar is yet to hire bankers to advise him on a sale, the report said, citing two people briefed on the matter.

Shares of HCL Technologies (HCLT.NS), valued at $16.6 billion, rose as much as 2.4 in afternoon trade on the National Stock Exchange.

Reporting by Aradhana Aravindan and Abhishek Vishnoi; Editing by Gopakumar Warrier

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