This CEO of bank gifts 5 lakh shares worth ₹2.1 cr to deceased colleague's kin | Mint
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Business News/ News / India/  This CEO of bank gifts 5 lakh shares worth 2.1 cr to deceased colleague's kin
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This CEO of bank gifts 5 lakh shares worth ₹2.1 cr to deceased colleague's kin

The deceased colleague was closely known to him for a long time; the help will back their education and financial security

These five people are unrelated to the top official of the private sector bank. (Getty Images/iStockphoto) (HT_PRINT)Premium
These five people are unrelated to the top official of the private sector bank. (Getty Images/iStockphoto) (HT_PRINT)

IDFC First Bank MD and CEO V Vaidyanathan, known for his generosity and innovative style of banking, has gifted 5 lakh shares of the private lender held by him to family members of a deceased colleague, the bank said in a regulatory filing. As per the current price, the shares amount to over 2.1 crore. 

"V Vaidyanathan, Managing Director & CEO, has gifted 5,00,000 equity shares of IDFC FIRST Bank held by him to certain family members of a deceased colleague who was closely known to him for a long time, towards backing their education and for their financial security," the bank said in a regulatory filing on Thursday.

Shares worth 3.95 cr to trainer, driver

Vaidyanathan had last month gifted 9 lakh shares of the bank held by him, worth over 3.95 crore, to five individuals, including his trainer, househelp and driver, to help them purchase homes. These five people are unrelated to the top official of the private sector bank.

Earlier too, he had gifted shares in his personal capacity to some individuals unrelated to him. He 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.

In other news, the allotment, transfer and routine matters committee of IDFC First on March 16, 2022, approved the allotment of 59,200 fully paid-up equity shares of 10 each to the allottees, upon exercise of stock options under the IDFC FIRST Bank Employee Stock Option Scheme.

"These equity shares shall rank pari passu, in all respects with the existing equity shares of the Bank," the lender said.

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Published: 17 Mar 2022, 08:13 PM IST
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