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IDFC First Bank Ltd shares were up by 0.85 per cent after the company reported that GQG Partners acquired 5,07,39,653 equity shares of the bank from V. Vaidyanathan, MD and CEO, in a block trade transaction.
The utilisation of the sale proceeds is outlined as follows: Rs 229 crore for subscribing to new shares of IDFC FIRST Bank; Rs 240.5 crore for income tax related to stock option exercises; and Rs 9.2 crore for contributions to predetermined social causes.
In a separate development, Vaidyanathan previously transferred 5,00,000 shares of his holdings in Capital First, equivalent to 69,50,000 shares of IDFC First Bank, to a Social Trust of which he serves as a Trustee. This Trust currently holds 50,93,860 shares of the bank, net of periodic sales used for social contributions. As a result of this recent transaction, Vaidyanathan’s shareholding in IDFC FIRST Bank is set to rise from 0.58 per cent as of June 30, 2023, to 1.04 per cent of the paid-up capital. This figure, inclusive of options yet to be converted, will represent 1.23 per cent of the total share capital of the Bank.
The shares were up by 1.47 per cent at Rs 96.76 at 11.33 am on the BSE.
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