IDFC First Bank CEO Vaidyanathan gifts 1.5 lakh shares each to three people

Mumbai: IDFC First Bank managing director and chief executive officer V Vaidyanathan has gifted total 4.5 lakh shares of the bank to three people as gift for buying house.

Vaidyanathan has transferred 1.5 lakh shares each to M Selvaraj, Alexia Selvaraj and Utkarsha Todankar as gifts, the bank informed the stock exchanges.

At Friday's closing price of ₹54.15 apiece, the shares of the bank are worth a total of approximately ₹2.43 crore.

“It is declared that the recipients are not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations. The above transactions are without consideration”, the company said in a notice to exchanges.

As of March, Vaidyanathan held 24.86 million shares or 0.44% stake in IDFC First Bank.

This is not the first time that Vaidyanathan had gifted shares. In October 2020, Vaidyanathan gifted 1 lakh shares, worth around ₹30 lakh, to his former Math teacher Gurdial Saini as a token of thanks for helping him at an earlier stage in his life.

According to a Facebook post, when Vaidyanathan got admission into Birla Institute of Technology (Mesra), he did not have the money to travel there to appear for the interview and complete the counselling formalities. Saini had then lent him ₹500 to travel for the interview.

In November 2018, when Vaidyanathan was chairman of Capital First Ltd, he gifted a total 4.3 lakh shares worth ₹20 crore to two drivers, three maids, some colleagues and family members. This came before merger of Capital First with IDFC Bank.