8 Dec, 2010, 06.39AM IST,ET Bureau
HCL Tech's Nayar divests own stake for charity
NEW DELHI: After the generous acts of philanthropy by Wipro chairman Azim
Premji and HCL founder Shiv Nadar , its HCL Technologies CEO Vineet Nayar
turn, who has divested a part of his stake this week in the company for
charity purposes. HCL Technologies vice chairman , and director Vineet Nayar
on Monday sold a million shares in HCL Technologies worth Rs 43 crore, in a
bid to raise money for his charity SAMPARK, which works towards children's
education in India.
"I think we all owe to the world and should give back in some way. In 2004,
I started a non-profit called Sampark which has an aim to create a million
smiles. All proceeds post tax from the divestiture of a million HCLT shares,
will go towards SAMPARK , which works in the education field," Vineet Nayar
HCL Technologies CEO told ET.
Post divestiture, Mr Nayar's equity in HCL Technologies is now reduced to 17
lakh shares (or 0.295% in the company) from 27 lakh shares, earlier. The
company informed the Bombay Stock Exchange in a statement that Mr Nayar had
sold about 10 lakh equity shares in the company dated December 7th, 2010,
through India Infoline , its trading partner. HCL stock closed at a price of
Rs 423.8 on Monday. On Tuesday, HCL Technologies shares closed at Rs 429 up
1.25% on the BSE.
SAMPARK, run as a personal non-profit venture by Mr Nayar, has generally
kept a low profile. "I have no doubt that over time, we can create a million
smiles through improving the quality , infrastructure and opportunity for
education for the underprivileged," said Mr Nayar who joined HCL in 1985 as
a trainee after his MBA from XLRI.
Mr Nayar, 47, is now one of the highest paid CEOs in India with a salary of
over Rs 4.5 crore per year.
The charity is working with ill equipped schools in India to improve the
quality of education through Teach the Teacher program. It is also investing
in basic infrastructure and creating science labs in schools. SAMPARK also
funds engineering education for students from these schools by providing
scholarship to meritorious students.
HCL Technologies chairman and Mr Nayar's mentor, Shiv Nadar also sold a 2.5%
stake in HCL Technologies this June and pumped the entire Rs 585 crore
proceeds into his philanthropic efforts. Mr Nadar has also committed about
10% of his wealth for charity.
Besides, this month, Wipro chairman Azim Premji pledged about Rs 8,846 crore
($2 billion) towards improving school education in India. The proceeds with
effect from December 7, 2010 will go towards an irrevocable trust run by
Azim Premji Foundation. Earlier this year, Tech Mahindra chairman Vineet
Nayyar also gifted Rs 30 crore to Essel Social Welfare Foundation, which
supports the girl child.
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