The Securities and Exchange Board of India (SEBI) has approved Roshni Nadar Malhotra to acquire majority shareholding in two promoter group companies of HCL Technologies Limited from her father and HCL Group founder Shiv Nadar.

This is part of the succession plan of the Nadar family and after the transfer, there will be no change in the total shareholding of the promoter and promoter group of HCL Tech, which is 60.82 per cent. The exemption order passed by SEBI on November 22 has allowed Roshni Nadar to acquire shares of Vama Sundari Investments (Delhi) Private Limited (VSIPL) and HCL Corporation Private Limited (HCL Corp). HCL Corp is a non-banking financial company (NBFC) registered with the RBI.
 

• VSIPL holds 44.17 per cent stake in HCL Tech and HCL Corp holds 0.17 per cent stake.
• Roshni Nadar had applied to SEBI for permission to transfer 47-47 per cent share capital of VSIPL and HCL Corp from Shiv Nadar.
• At present, Roshni Nadar holds 10.33 per cent stake in VSIPL and Shiv Nadar holds 51 per cent stake. While Roshni holds 10.33 per cent stake in HCL Corp and Shiv Nadar holds 51 per cent stake.
• After the transfer, Roshni Nadar will hold 57.33-57.33 per cent stake in VSIPL and HCL Corp, and Shiv Nadar will hold 4-4 per cent stake.

Key points of SEBI's order 1. The submitted application is in relation to the proposed indirect acquisition of shares and voting rights in the target company (HCL Tech). 2. The proposed indirect acquisition will not affect or adversely affect the interests of the public shareholders of the target company in any way. 3. There will be no change in control of the target company while implementing the proposed acquisition. 4. The target company will continue to comply with the minimum public shareholding requirements.