IDFC First Bank was up 2.39% in afternoon trading on Tuesday.
New Delhi: IDFC First Bank CEO and CEO V Vaidyanathan gave 9 thousand shares to 5 people including his driver and support staff. In a statement published on Monday, the lender said that Mr. Vaidyanathan had donated 30,000 shares to his trainer; twenty thousand shares each for housekeepers and drivers; and one share lakh per person for other office support staff, home helpers.
“Recipient declares that the recipients are personal relationships and are not related to him (Mr. Vaidyanathan) in any way as defined by related parties of the Companies Act or Regulations of SEBI”, the announcement added.
The purpose of the charitable act mentioned by the bank is “Gift to buy a house”.
In addition, the Rukmani Social Welfare Fund has donated 20,000 shares to support social activities, IDFC First said.
“As such, the total number of shares used for gifts and social activities is 11,00,000 shares of equity of IDFC FIRST Bank Limited. traded,” it added.
In terms of valuation, the gift of 110,000 shares – if calculated at yesterday’s closing price of Rs 43.90 – is worth almost Rs 4.83 crore.
Meanwhile, IDFC First Bank was up 2.39% in afternoon trade on Tuesday as domestic indexes plunged amid the escalation of the Russia-Ukraine crisis.
