Home / Industry / Banking /  This bank's CEO gifts shares worth 3.95 cr to trainer, driver, househelp; Here's why

IDFC First Bank MD and CEO, V Vaidyanathan has gifted nine lakh shares, worth over 3.95 crore to his driver, house help, trained and two other individuals to help them purchase houses. In a regulator filing, the bank informed that Vaidyanathan gifted 9,00,000 equity shares, held by him on February 21, 2022.

All five individuals are completely unrelated to the top officials of the private lender.

The IDFC First Bank's CEO gifted 3 lakh shares to his trainer Ramesh Raju; 2 lakh shares each to househelp Pranjal Narvekar and driver Algarsamy C Munapar; and 1 lakh shares each to office support staff Deepak Pathare and househelp Santosh Jogale.

As per Monday's closing price of the bank of 43.90 apiece on the Bombay Stock Exchange (BSE), the value of 9 lakh shares ought to be 3,95,10,000.

In addition, the bank said Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities.

"Thus, total shares disposed of for gifts and social activities is 11 lakh equity shares of IDFC FIRST Bank, and it is submitted as part of these disclosures, that there are no direct or indirect benefits derived by V Vaidyanathan from these transactions," according to the regulatory filing.

Previously also Vaidyanathan had gifted shares in his capacity to some individuals unrelated to him.

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