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

Written by Reuters | Mumbai | Updated: Feb 22 2014, 02:44am hrs
HCLHCL Corporation denies any plans to exit HCL Technologies.
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.