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

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HCL Corporation denies any plans to exit HCL Technologies. HCL Corporation denies any plans to exit HCL Technologies.
SummaryHCL 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.

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