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V Vaidyanathan, Managing Director and CEO, IDFC First Bank, has gifted 9 lakh equity shares of the private sector lender to five members of his staff to help them purchase houses.
“It is declared that the recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations,” the bank said in a stock exchange filing on Monday.
At Monday’s closing price of ₹43.9 apiece on BSE for the scrip, this would amount to about ₹3.95 crore in total.
Vaidyanathan gifted three lakh shares of the bank to his trainer, two lakh shares each to his house help and driver and one lakh shares each to his office support staff and another house help.
Great generosity
“In addition, Rukmani Social Welfare Trust has disposed 2,00,000 equity shares to support social activities,” the bank further said, adding that the total shares disposed for gifts and social activities is 11,00,000 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,” it further said.
Vaidyanathan has previously in 2021 also gifted shares of the bank to three of his employees. Before that, he had transferred shares to his teacher as a token of gratitude.
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