IDFC FIRST Bank MD showed generosity, gave 9 lakh shares to staff to buy house

IDFC FIRST Bank MD showed generosity, gave 9 lakh shares to staff to buy house

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new Delhi. V Vaidyanathan, managing director and CEO of IDFC First Bank, a leading private sector bank, is in discussion. He has gifted 9 lakh equity shares of the bank to his employees to buy a house.

“We wish to inform that V Vaidyanathan, Managing Director and CEO, has gifted 9 lakh equity shares of IDFC First Bank Ltd. to the persons mentioned below on February 21, 2022,” the bank said in an exchange filing.

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Vaidyanathan gave 2 lakh shares to the driver
According to the filing, Vaidyanathan gifted 3 lakh shares to his trainer Ramesh Raju, 2 lakh shares to house help Pranjal Narvekar and driver Algarasamy C Munapar and 1 lakh each to office support staff Deepak Pathare and Santosh Jogle.

It said, “It is hereby declared that the recipients are personal relations and are not related in any way to them under the definition of related parties of the Companies Act or SEBI Regulations. These transactions are without consideration.”

In addition, Rukmani Social Welfare Trust disposed of 2 lakh equity shares to support social activities.

As per the filing, the total shares disposed of for gifts and social activities are 11 lakh equity shares of IDFC First Bank Ltd and there is no direct or indirect benefit derived by V Vaidyanathan from this transaction.

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Vaidyanathan has given IDFC First Bank a new identity
It is noteworthy that Vaidyanathan has given a new identity to IDFC First Bank. He had earlier started Capital First, which was merged with IDFC First Bank in December 2018.

Tags: bank, IDFC first bank

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