Shiv Nadar Foundation today sold its entire 0.79 per cent stake in HCL Technologies for Rs 1,108.9 crore in the open market to comply with regulations and the funds would be used to realize various initiatives.
Founded in 1994 to support education and art in India by HCL Founder Shiv Nadar, the foundation — a philanthropic initiative — held 56 lakh shares or 0.79 per cent stake of the firm through donations from HCL Corporation and associates.
“Governance, tax and legal regulations require the Foundation to sell these shares by March 31, 2015. In fulfillment of these conditions, a sale of 56,00,000 shares of HCL Technologies is effected in the open market on March 9, 2015, which completes the sale transaction,” the company said in a statement.
It said, the proceeds from the sale will be used to realize various objectives and initiatives of the foundation.
“This transaction has been concluded at one go at a discount to the last closing price of HCL Technologies share to avoid any overhang in the market for shareholders of HCL Technologies,” the statement added.
As per bulk deal data from bourses, 56 lakh shares were sold at a rate of Rs 1,980.18 apiece.
The last sale of shares in HCL Technologies by the foundation was in February 2012.
Meanwhile, shares of HCL Technologies today recorded a fall of 0.45 per cent to at Rs 2,055.55 per scrip on the BSE.
Last December, co-founders N R Narayana Murthy and Nandan Nilekani along with their family members sold Infosys shares worth Rs 6,484 crore. The sale was done to partially monetise their stake and some portion of the proceeds was to be used by the founders towards philanthropic activities.
In 2013, tech czar Azim Premji announced he was donating 12 per cent stake in Wipro to a trust to fund his education-focused Azim Premji Foundation.