IDFC Bank MD and CEO V Vaidyanathan has gifted 7 lakh shares of the bank to five people on March 21.

“The recipients are not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations,” the lender notified the exchanges, adding that “there are no direct or indirect benefits derived by V Vaidyanathan from these transactions”.

The highest number of shares at 2.75 lakh have been gifted to A Kanojia for ‘house purchase assistance’. Sameer Mhatre has also been given 50,000 shares for the same purpose.

Vaidyanathan gifted another 2.5 lakh shares to Wing Commander (Rtd.) Sampath Kumar. The reason cited for the same was “assistance to senior citizen for providing support earlier in life”. The Air Force veteran had reportedly once loaned him ₹1,000, as per some reports.

Another 75,000 shares were gifted to Mayank Mrinal Ghosh as ‘financial security to kin due to bereavement of colleague’ whereas 50,000 shares were gifted to friend Manoj Sahay.

Shares of IDFC Bank closed at ₹76.35 on March 20, estimating the total value of shares gifted at ₹5.3 crore. On March 22, the shares closed 0.1 per cent higher at ₹78 on the NSE.

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