Billionaire Shiv Nadar gives his daughter Roshni 47% of the shares of HCL Corp. and Vama Delhi.

Indian businessman Shiv Nadar gave his daughter Roshni Nadar Malhotra substantial shares in HCL Corporation and Vama Delhi. Nadar transferred his 47% stakes in HCL Corp and Vama Delhi to Malhotra through gift deeds, according to an exchange filing by HCL Infosystems.

Malhotra will get control of the voting rights over the 12.94% interest in HCL Infosystems held by Vama Delhi and the 49.94% held by HCL Corp after the execution. HCL Infosystems is promoted by both businesses.

To streamline succession, the deeds were carried out according to a private family agreement. According to HCL Infosystems, this would guarantee "continuity of ownership and control by Shiv Nadar family and would provide desired stability to the company."