Money & Banking

RBL Bank MD sells 18.92 lakh shares for ₹38.52 crore

Mumbai | Updated on August 28, 2020

RBL Bank’s Managing Director and CEO Vishwavir Ahuja has sold 18.92 lakh shares in the private sector lender to reduce his personal debt and exercise his ESOPs. Ahuja sold 18.92 lakh shares in RBL Bank for ₹38.52 crore on August 27 and 28, RBL Bank said in a regulatory filing on Friday.

“The sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years, mainly to exercise and purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments,”it said, adding that the sale represents about 18 per cent of his and his family’s total holdings.

Ahuja continues to retain 80.1 lakh shares or about 1.6 per cent holding of RBL Bank post the share sale.

“While I have sold a small part of my shareholding in the bank, I strongly believe that RBL Bank has a robust balance sheet and business franchise, is well capitalised and fortified to deal with the economic impact of the prevailing pandemic situation confronting the nation, and extremely well positioned to exploit market opportunities in the short as well as long term,” said Ahuja in his letter to the bank’s Compliance Officer.

On Friday, the bank’s scrip closed 3.97 per cent higher at ₹210.6 apiece on the BSE.

Published on August 28, 2020

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