Shiv Nadar gifts 47% of his stake in HCL Corp, Vama Delhi to daughter Roshni

Billionaire Shiv Nadar, founder of HCL, has gifted 47% of his stake in HCL Corp and Vama Delhi to his daughter Roshni Nadar Malhotra as part of a strategic succession plan.

After the transfer, Malhotra will acquire control and become a majority shareholder of Vama Delhi and HCL Corp, HCLTech said in a stock exchange filing. HCL Infosystems Ltd also made a similar filing.

By virtue of her stakes in Vama Delhi and HCL Corp, she will become the largest shareholder of HCL Infosystems Ltd and HCL Tech.

She will also acquire control over the voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp in HCL Infosystems. In HCL Tech, she will acquire a 44.17% stake held by Vama Delhi and a 0.17 per cent stake from HCL Corp.

"A gift deed dated March 6, 2025, executed by Shiv Nadar in favour of his daughter Roshni Nadar Malhotra for transfer of his 47% shareholding in Vama Sundari Investments (Delhi) Private Limited (Vama Delhi); and a gift deed dated March 6, 2025 executed by Shiv Nadar in favour of his daughter Roshni Nadar Malhotra for transfer of his 47% shareholding in HCL Corporation Private Limited (HCL Corp)," the filing said.

The transfer is expected to strengthen the family's leadership in HCL's future growth.

"Gift Deeds have been executed pursuant to a private family arrangement intended to streamline succession, which would ensure continuity of ownership and control by Shiv Nadar Family (promoter family) and would provide desired stability to the company," the filings said.

Capital market regulator Securities and Exchange Board of India (SEBI) has granted Malhotra an exemption from making an open offer, facilitating the smooth transfer of shares.

Immediately prior to the execution of the gift deeds, the father and daughter held 51% and 10.33% shareholding, respectively, in Vama Delhi and HCL Corp.

"Roshni Nadar Malhotra will acquire control of, and become majority shareholder, of Vama Delhi and HCL Corp, and accordingly will acquire control over the voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94 per cent stake held by HCL Corp in HCL Infosystem," according to the filing.

In HCL Tech, she will acquire control over the voting rights in relation to the 44.17% stake held by Vama Delhi and the 0.17% stake held by HCL Corp in the company.

Malhotra, who holds an undergraduate degree in Communications from Northwestern University and an MBA from the Kellogg School of Management, is the chairperson for HCLTech, a multinational IT services and consulting firm. She had taken over the role at the $12 billion technology company in July 2020 from her father.

Beyond her corporate role, she is involved in philanthropic activities through the Shiv Nadar Foundation, which is focused on education and has established some of India's top colleges and schools, and conservation efforts via The Habitats Trust.