News Hour- Vineet Nayar sells HCL Technologies stake worth Rs 134 crore

NEW DELHI: Software services major HCL Technologies on Friday said its vice-chairman and CEO Vineet Nayar has sold 27 lakh shares (0.3896%) of Rs 2 each held by him in the company for Rs 133.58 crore. After 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, a filing to the BSE said. 

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.
(Source- http://economictimes.indiatimes.com)