HCL denies report of founder seeking buyer for $10 billion stake

Reuters
People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. REUTERS/Mansi Thapliyal

MUMBAI (Reuters) - HCL Corp, the holding company for HCL Technologies, denied a Wall Street Journal report that said its founder Shiv Nadar was seeking potential buyers for his $10 billion stake in the company. "HCL Corporation denies any plans to exit HCL Technologies," it said in a statement. Billionaire Shiv Nadar owns a roughly 62 percent stake in HCL Technologies, India's No. 4 IT services exporter, through group companies. Nadar is yet to hire bankers to advise him on a sale, the report said, citing two people briefed on the matter. Shares of HCL Technologies, valued at $16.6 billion, rose as much as 2.4 in afternoon trade on the National Stock Exchange. (Reporting by Aradhana Aravindan and Abhishek Vishnoi; Editing by Gopakumar Warrier)