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HCL denies report Shiv Nadar plans to sell USD 10 bn stake

According to a media report, the billionaire who owns roughly 62 per cent stake in HCL Technologies through group companies, is seeking potential buyers for his $10 billion stake in the company. The report also adds Nadar is yet to hire bankers to advise him on the sale.

Aradhana Aravindan and Abhishek Vishnoi    Mumbai     Last Updated: February 21, 2014  | 15:58 IST
HCL denies report Shiv Nadar plans to sell $10 bn stake

HCL Corp, the holding company for HCL Technologies, denied a media report that said its founder Shiv Nadar was seeking potential buyers for his $10 billion stake in the company.

Billionaire Shiv Nadar owns roughly 62 per cent stake in HCL Technologies, India's No. 4 IT services exporter, through group companies. He is yet to hire bankers to advise him on a sale, a HCL Wall Street Journal report said, citing two people briefed on the matter.

"HCL Corporation denies any plans to exit HCL Technologies," the company said in a statement on Friday.

Shares of HCL Technologies, valued at $16.6 billion, rose as much as 2.4 in afternoon trade on the National Stock Exchange.

(Reuters)

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