As part of the family succession plan, founder of information technology company HCL Technologies Shiv Nadar has executed gift deeds to transfer his 47% shareholding in Vama Sundari Investments (Delhi) Private Limited and HCL Corporation Private Limited to his daughter Roshni Nadar Malhotra. Both Vama Sundari and HCL Corporation are promoter group of HCL Technologies with the former holding 44.17% and the latter holding 0.17% stake in the company.
“Gift Deeds have been executed pursuant to a private family arrangement intended to streamline succession, which would ensure continuity of ownership and control by Shiv Nadar Family (promoter family) and would provide desired stability to the company,” HCL Technologies said in a regulatory filing.
Following this transfer, Roshni Nadar Malhotra, who is already a key figure in HCL's leadership, will gain majority control over Vama Delhi and HCL Corp, which together hold a 44.34% stake in HCL Technologies. Roshni Nadar Malhotra is the chairperson of HCLTech, and the chairperson of its CSR Board Committee. She is also a Trustee of the Shiv Nadar Foundation.
Roshni Nadar, who is the only child of Shiv Nadar, took the reins of the company from her father and became the chairman in 2020 at the age of 38.
Prior to the execution of the gift deeds, Shiv Nadar and Roshni Nadar Malhotra held 51% and 10.33% shareholding respectively, in both Vama and HCL Corp. The father, daughter duo directly holds 736 and 696 shares respectively, in HCL Technology.
Shiv Nadar, the founder of HCL Group and the Shiv Nadar Foundation, is currently the chairman emeritus & strategic advisor to the Board of HCLTech. Nadar, credited with being one of the pioneers of the computing and IT industry in India, started HCL Tech 1976. While HCL started off as a hardware organization, manufacturing the country’s first indigenous computers and introducing them to the Indian consumer, it eventually evolved into a more comprehensive software services organization.
HCL Technologies is the third largest IT company both in terms of turnover and market capitalization. The company posted revenue of Rs 1.09 lakh crore and a profit of Rs 15,710 crore in FY24. In the first nine months of the current financial year, the company has posted Rs 86,809 crore in revenue and Rs 13,000 crore in profits.
Both Vama Sundari Investments and HCL Corp were incorporated in 2008 as a Private Limited Company. Both the entities have received Reserve Bank of India nod to carry on the business of non-banking financial institutions as Core Investment Company without accepting public deposits.