Money & Banking

RBL Bank MD and CEO sells 14.4 lakh shares of lender

Our Bureau Mumbai | Updated on February 26, 2021

Vishwavir Ahuja, Managing Director and CEO, RBL Bank (file photo)   -  Businessline

Sale is to finance purchase of family house; May offload another 3-4% holdings over next few months

Private sector lender RBL Bank said its Managing Director and CEO, Vishwavir Ahuja, has sold 14.4 lakh shares of the lender between February 19 and 25 for about ₹35.07 crore..

In a regulatory filing, the bank said this transaction was “as per the pre-clearance taken” by Ahuja.

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According to the extract of intimation by Ahuja to the bank’s Compliance Officer, the sale of shares was to finance the purchase of a family house.

“The sale proceeds shall be utilised primarily to purchase and build a family home and take care of other family commitments. This is a very essential and much delayed imperative for the family’s well-being,” Ahuja said in the intimation, which was included in the bank’s regulatory filing.

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“The sale represents approximately 17 per cent of my and my family’s total holdings and we will continue to retain approximately 70 lakh shares of RBL Bank, almost 70 per cent of my peak holdings since joining the Bank in 2010,” Ahuja further said, adding that the sale of shares is purely for personal and family reasons.

Strong growth prospects

The completion of the property transaction may require him to sell another three per cent to four per cent of his holdings over the next few months, he said.

Ahuja reiterated his commitment to RBL Bank and said the lender has strong growth prospects over the next several years, “especially in areas in which we have significant market share and have chosen to scale up.”

Published on February 26, 2021

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