HCL sells stake in arm

New Delhi: HCL Corporation, promoted by Shiv Nadar and family, on Thursday sold a stake of about 2.5% stake in one its holding firms — HCL Technologies — through block deals for an estimated Rs 580 crore.
"HCL Corporation has sold 16.75 million of shares in HCL Technologies. The sale proceeds will be donated to Shiv Nadar Foundation to be used for philanthropic initiatives," HCL Corp said in a statement.HCL Corporation, headed by Shiv Nadar's daughter Roshni, holds 50.2% stake in HCL Technologies.
Though the company did not specify how much money was raised through the stake sale, the proceeds would be over Rs 580 crore going by Thursday's share price of Rs 347 per share. Shares of HCL Technologies plunged 7% to a low of Rs 347 a piece on the Bombay Stock Exchange (BSE) in morning trade. The scrip, however, was able to partially recover its losses in afternoon trade and was being trading at Rs 359.50, still down 3.72%.
The sales proceeds will be donated to the Shiv Nadar Foundation, to be used for education initiatives, making him one of the largest philanthropists in the country, the statement said.