IDFC First Bank MD Vaidyanathan gifts 5 lakh shares to kin of deceased colleague

In another humanitarian instance, IDFC First Bank MD and CEO V Vaidyanathan has gifted 5 lakh shares of the bank held by him to family members of a deceased colleague, as per a regulatory filing on Thursday.

''V Vaidyanathan, Managing Director & CEO, has gifted 5,00,000 equity shares of IDFC FIRST Bank held by him to certain family members of a deceased colleague who was closely known to him for a long time, towards backing their education and for their financial security,'' the bank stated.

Shares of IDFC First Bank on Thursday closed 1.55 per cent higher at Rs 42.65 apiece on BSE.

This is not the first such example of Vaidyanathan;s philanthropy. He has earlier too gifted his shares to staff members, including his trainer, househelp and driver, to help them purchase homes.

Last month, Vaidyanathan had gifted 9,00,000 equity shares of the bank held by him to his staff for purchasing house.

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Vaidyanathan is well-known for gifting his shares often. For instance, in May last year, Vaidyanathan donated 4.5 lakh shares of the bank amounting to Rs 2.34 crore to three individuals M Selvaraj, Alexia Selvaraj and Utkarsha Todankar as a gift to buy houses. They all received 1.5 lakh shares each.

Before that in 2020, Vaidyanathan had gifted his school teacher 1,00,000 fully paid-up equity shares amounting to Rs 30 lakh. The regulatory filing said that the gift to his teacher Gurdial Saroop Saini was a token of gratitude for the teacher’s help at an earlier stage in life.