HCL Denies Report of Founder Seeking Buyer for $10 Bln Stake - The New Indian Express

HCL Denies Report of Founder Seeking Buyer for $10 Bln Stake

Published: 21st February 2014 04:01 PM

Last Updated: 21st February 2014 04:01 PM

HCL Corp, the holding company for HCL Technologies, 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, valued at $16.6 billion, rose as much as 2.4 in afternoon trade on the National Stock Exchange.

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