Billionaire Shiv Nadar gifts 47% of HCL Corp and Vama Delhi shares to daughter Roshni
Roshni will also acquire control over voting rights in both Vama Delhi and HCL Corp following the share transfer.
Indian billionaire Shiv Nadar has gifted significant stakes in HCL Corporation and Vama Delhi to his daughter Roshni Nadar Malhotra.
According to an exchange filing by HCL Infosystems, Nadar executed gift deeds to transfer his 47% shareholdings each in HCL Corp and Vama Delhi to Malhotra.
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Following the execution, Malhotra will acquire control over voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp in HCL Infosystems. Both companies are promoters of HCL Infosystems.
The deeds were executed based on a private family arrangement with the aim of streamlining succession. This would ensure “continuity of ownership and control by Shiv Nadar family and would provide desired stability to the company,” HCL Infosystems said.
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Who is Shiv Nadar?
Nadar is India's third-richest person after Mukesh Ambani and Gautam Adani with a net worth of nearly $36 billion, according to the Bloomberg Billionaires Index. Born in a Tamil Nadu village in 1945, Nadar had a rural upbringing before he pursued electrical engineering from Coimbatore and later worked as a management trainee at textile firm DCM in the 1960s.
He, along with his partners he met at DCM, started Hindustan Computers in 1976 with an investment of $20,000 and began selling micro-computers two years late following IBM's exit from India.
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HCL Corp, of which Nadar is a promoter, is the biggest shareholder of Indian IT giant HCL Technologies and HCL Infosystems. Selling a 2.5% stake in HCL Technologies in 2010 to raise $125 million, Nadar donated the entire amount to the Shiv Nadar Foundation, which he had started in 1994. That year, he pledged to set aside more than 10% of his wealth toward philanthropy.
