Sebi Grants Open Offer Exemption to Roshni Nadar Malhotra in HCL Shares Acquisition

Sebi exempted Roshni Nadar Malhotra from making open offers for additional shares in HCL Technologies and HCL Infosystems. This decision facilitates a family succession plan, with Malhotra's stake rising to 57.33%. The acquisition is non-commercial and aims at ensuring continuity in company ownership.

Securities and Exchange Board of India (Sebi) has granted an exemption to Roshni Nadar Malhotra, promoter of HCL Technologies and HCL Infosystems, from making open offers in relation to her proposed acquisition of additional shares.

The acquisition, detailed in applications filed on September 30, is part of a family succession plan to stabilize control and ownership of the companies. Sebi's orders allow Malhotra to acquire shares through inter-generational gifting, boosting her stake in the promoter entities significantly.

Sebi has clarified that this transfer is non-commercial, aimed at family reorganization without affecting the public shareholders. The exemption, valid for one year and with conditions, ensures adherence to disclosure norms and regulatory oversight.

(With inputs from agencies.)