Software services major HCL Technologies on Friday said its vice chairman and CEO
has sold 27 lakh shares held by him in the company for Rs 133.58 crore.
Vineet Nayar sold 27,00,000 equity shares of Rs 2 each (0.3896 per cent) held by him for Rs 133.58 crore, HCL Technologies said in a filing to the BSE.
MUST READ: How Vineet Nayar empowers his employees at HCL Tech Post the transaction, his shareholding in the company has become nil.
Of the 27 lakh shares, 17 lakh shares were held in the name of two trusts, the filing said.
In a statement, HCL Technologies said Nayar has been involved in philanthropic causes through his own NGO, Sampark, which he established in 2004. He had also transferred part of his investments in HCLT shares to two trusts.
"These trusts have now sold shares of HCL Technologies along with some shares which Vineet held in his name. The proceeds from sale of these shares, post tax, would go as endowments to the academic institutions he has attended," it said.
Part of the proceeds would also go towards establishment of a trust for "continued disbursement of scholarships and grants to needy students".
"The proceeds would also go towards furthering Nayar's ongoing personal philanthropic initiatives in the field of education along with some other investments which he may wish to make," the statement said.
Major shareholders in HCL Technologies include Slocum Investments and HCL Holdings.
HCL founder Shiv Nadar is also an active philanthropist.
In 2010, HCL Corporation sold a 2.5 per cent stake in the company to raise over Rs 581 crore, the proceeds of which were to be utilised for the Shiv Nadar Foundation.
Software czar Azim Premji has also set up his own charitable foundation, which works in the area of elementary education.
One of the godfathers of the Indian IT industry, Narayana Murthy of Infosys, also pours millions into charitable causes.
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