Shiv Nadar transfers 47% stake in HCLTech to daughter Roshni Nadar Malhotra
Mumbai: HCLTech founder Shiv Nadar transferred 47% of his shareholding in two promoter entities — Vama Sundari Investments and HCL Corporation — to his daughter Roshni Nadar Malhotra through a gift deed, The Economic Times reported.
Th major succession plan at one of India’s largest promoter-led companies was disclosed in a regulatory filing late on Friday, was executed on March 6, 2025.
Following the transfer, Malhotra has become the majority shareholder in the promoter entities with a 57.33% ownership, significantly increasing her voting rights. Meanwhile, Nadar’s stake in these entities has reduced to 4%.
The two promoter entities collectively hold a substantial 44.34% stake in HCLTech, India’s third-largest IT services company, as of December 2024.
“A Gift deed dated March 6, 2025 executed by Mr. Shiv Nadar in favour of his daughter Ms. Roshni Nadar Malhotra for transfer of his 47% shareholding in Vama Sundari Investments (Delhi),” the company disclosed in the filing, further adding that a similar transfer was made in HCL Corporation.
“Immediately prior to execution of the Gift Deeds, Mr. Shiv Nadar and Ms. Roshni Nadar Malhotra held 51.00% and 10.33% shareholding respectively,” the filing stated.
The transfer consolidates Malhotra's control in both entities.
With the change in ownership structure, the overall promoter group’s shareholding in HCLTech remains unchanged at 60.81%, while the public shareholding continues at 38.98%.
The capital markets regulator, the Securities and Exchange Board of India (Sebi), had previously exempted Malhotra from making an open offer for her indirect acquisition of shares and voting rights in the company.
The regulator noted that since the transfer was a non-commercial transaction between immediate family members and aligned with inter-transfer norms under takeover regulations, the open offer requirement did not apply.
In a related development, Vama Sundari Investments had acquired a 100% stake in HDFC Bank's subsidiary, HDFC Education and Development Services, for Rs 192 crore in October 2024
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