IDFC First Bank MD V Vaidyanathan gifts 9 lakh shares to staff to buy house

IDFC First Bank Ltd MD and CEO V Vaidyanathan has gifted 9,00,000 equity shares of the bank held by him to his staff for purchasing house.
 
"...we wish to inform that V Vaidyanathan, Managing Director & CEO, has gifted 9,00,000 equity shares of IDFC FIRST Bank Limited held by him to the persons named below on February 21, 2022," the bank said in an exchange filing.
 
As per the filing, Vaidyanathan gifted 3 lakh shares to his trainer Ramesh Raju, 2 lakh shares each to househelp Pranjal Narvekar and driver Algarsamy C Munapar, and 1 lakh shares each to office support staff Deepak Pathare and Santosh Jogale.
  
"It is declared that the recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations. These transactions are without consideration," it said.
 
In addition, Rukmani Social Welfare Trust disposed of 2 lakh equity shares to support social activities.
 
"Thus, total shares disposed for gifts and social activities is 11,00,000 equity shares of IDFC FIRST Bank Limited, and it is submitted as part of these disclosures, that there are no direct or indirect benefits derived by V Vaidyanathan from these transactions," it added.
 
Shares of IDFC First Bank on Monday ended 1.13 per cent lower at Rs 43.90 on the BSE.

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