Money & Banking

Aditya Puri sells 74.2 lakh shares in HDFC Bank

Our Bureau Mumbai | Updated on July 26, 2020 Published on July 26, 2020

File Photo of Aditya Puri, MD of HDFC Bank.   -  Bloomberg

Ahead of the completion of his tenure, HDFC Bank’s Managing Director and CEO Aditya Puri has sold 74.2 lakh shares in the lender.

According to corporate filings, Puri sold 74.2 lakh shares amounting to 0.13 per cent stake between July 21 and July 23. Post this transaction, he now holds just 3.76 lakh shares of HDFC Bank or 0.01 per cent.

An HDFC Bank spokesperson said, “These shares were allotted to Aditya Puri at different times and at different price points (not at par). Therefore, the net amount realised by Mr Puri is not Rs 840 crore. The acquisition cost of shares and the tax payable on the transaction has to be accounted for as well.”

Puri, who has been with the private sector lender since 1994, will retire in October 2020 on attaining the age of 70 years.

Earlier in February, HDFC Bank had informed the exchanges of Puri’s intention to sell equity shares in the bank. At that time, he had sold 12.52 lakh shares in the lender earlier that month and was looking to offload more of his stake.

“This is to inform you that Aditya Puri, the Managing Director of the bank, has sold … equity shares of HDFC Bank Limited held by him to exercise stock options vested in his name, which would otherwise lapse,” the lender had said, adding that he intends to sell some more equity shares of the Bank held by him through previous stock options, primarily to exercise stock options already vested in his name..

At the time, the transaction would have fetched him about Rs 151 crore.

HDFC Bank’s scrip closed at Rs 1,118.80 apiece on BSE.

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Published on July 26, 2020
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