The buying frenzy in HCL TECH shares in the closing hours of trade on 21/2/2014 was attributed to a news item on the WSJ which indicated that the promoter of the Company (HCL TECH) could be looking for suitable buyers for his 10 bn USD stake. For the benefit of readers of this blog, am reproducing below, parts of the said story:
" The billionaire founder of HCL TECH LTD, is sounding out buyers for his $10 billion stake in India's fourth-largest software and outsourcing firm, according to two people briefed on the matter, in what could be the biggest sale ever of an Indian Company.
The smallest and youngest of India's big four information technology groups, HCL was founded by Shiv Nadar in 1991. Mr. Nadar has received bids for HCL in the past but has consistently said he has no plans to sell. But now, the 69-year-old businessman is open to considering a deal because his only child, daughter Roshni Nadar, isn't interested in continuing in the technology business, one of the people said."
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