IDFC First Bank’s V Vaidyanathan Gifts INR5.45 Crore Shares

IDFC First Bank Ltd.’s Managing Director and Chief Executive Officer V. Vaidyanathan gifted own shares worth 5.45 crore rupees ($655,651) to five individuals.

Vaidyanathan gifted a total of 700,000 equity shares of IDFC First Bank today, the private sector lender said in a stock exchange announcement.

Considering IDFC First Bank’ stock price of 77.90 rupees apiece on the National Stock Exchange today, these shares are worth 5.45 crore rupees.

The bank said Vaidyanathan gifted 50,000 shares and 275,000 shares to Sameer Mhatre and A. Kanojia, respectively, for house purchases.

He gifted another 75,000 shares to Mayank Mrinal Ghosh in order to provide financial security to the family member of a deceased colleague, it added.

In addition, Vaidyanathan gifted 250,000 shares to Sampath Kumar for providing support earlier in life, and 50,000 shares to Manoj Sahay, a friend, according to the statement.

The bank said there are no direct or indirect benefits derived by Vaidyanathan from these transactions.

Note: $1 = 83.1234 Indian rupees

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