India, March 8 -- Indian billionaire Shiv Nadar has gifted significant stakes in HCL Corporation and Vama Delhi to his daughter Roshni Nadar Malhotra.

According to an exchange filing by HCL Infosystems, Nadar executed gift deeds to transfer his 47% shareholdings each in HCL Corp and Vama Delhi to Malhotra.

Following the execution, Malhotra will acquire control over voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp in HCL Infosystems. Both companies are promoters of HCL Infosystems.

The deeds were executed based on a private family arrangement with the aim of streamlining succession. This would ensure "continuity of ownership and control by Shiv Nadar family and would provide desired stability ...