Shiv Nadar Transfers 47% Stake in HCL Group to Roshni Nadar Malhotra

Leadership Transition at HCL Group

Shiv Nadar, the founder of HCL Group, has transferred 47% of his stake in HCL Corporation Private Limited and Vama Sundari Investments (Delhi) Private Limited (Vama Delhi) to his daughter, Roshni Nadar Malhotra. This move makes Malhotra the majority shareholder of both entities and reinforces her control over the group. The restructuring was carried out as an inter-se transfer via a gift deed, maintaining the promoter group’s total shareholding in HCL Technologies.

Promoter Holdings Remain Unchanged

Before the transfer, the promoter and promoter group collectively held 1,65,03,00,415 equity shares, representing 60.814% of HCL Technologies. The transaction does not involve a direct sale of HCL Technologies shares but restructures the ownership within promoter entities.

The transfer includes:

• 0.17% in HCL Corporation
• 44.17% in Vama Sundari Investments (Delhi) Private Limited

As a result, while Shiv Nadar reduces his stake, the overall promoter holding in HCL Technologies remains unchanged at 60.814%, ensuring continuity in ownership and governance.

Gift Deed Ensures Seamless Transition

HCL Technologies confirmed that two gift deeds were executed on March 6, 2025, transferring ownership from Shiv Nadar to Roshni Nadar Malhotra. Before the transaction, Shiv Nadar held 51%, while Malhotra had 10.33% in both HCL Corp and Vama Delhi. With this transfer, Malhotra consolidates her leadership role within the group.

Shiv Nadar continues to hold 736 direct shares in HCL Technologies, which remains unchanged. The restructuring primarily impacts promoter entities rather than the listed company itself.

No Impact on Voting Rights or Share Capital

HCL Technologies’ equity share capital remains at ₹5,42,73,30,192, with no dilution or additional issuance of shares. The transfer does not alter voting rights, as control remains within the promoter group.

HCL Infosystems also confirmed that Roshni Nadar Malhotra would gain control over the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp in the company.

Strengthening Leadership at HCL Group

Since taking over as chairperson of HCL Technologies in July 2020, Roshni Nadar Malhotra has played a crucial role in steering the $12 billion IT services and consulting firm. An alumna of Northwestern University with an MBA from Kellogg School of Management, she has been actively shaping the company’s strategic direction.

This transition reinforces her leadership role, ensuring stability within the group while continuing the legacy of Shiv Nadar’s vision.

Stock Performance

HCL Technologies’ stock closed at ₹1567.85 up 1.20% on March 11, 2025, amid a weak broader market. Over the past year, the stock has declined over 5%. It has continued its downward trend, falling 1.5% in March, extending losses for the third consecutive month. In February, the stock dropped 9%, following a 10% decline in January.

As Malhotra consolidates her leadership position, investors and market participants will closely watch HCL’s strategic direction in the coming months.

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