IDFC FIRST Bank CEO gifts shares to driver, househelp, 3 others to buy homes

He gifted 3 lakh shares to his trainer, 2 lakh shares each to his househelp and driver, and 1 lakh shares each to one office support staff and his househelp.
V Vaidyanathan
V Vaidyanathan
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IDFC FIRST Bank MD and CEO V Vaidyanathan has gifted 9 lakh shares of the bank held by him, worth over Rs 3.95 crore, to five individuals, including his trainer, househelp and driver, to help them purchase homes. These five people are unrelated to the top official of the private sector bank. Earlier too, he had gifted shares in his personal capacity to some individuals unrelated to him.

V Vaidyanathan, managing director and chief executive officer, has gifted 9,00,000 equity shares of IDFC FIRST Bank held by him on February 21, 2022, the bank said in a regulatory filing on Monday.

He has 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 househelp Santosh Jogale.

Calculated at Monday's closing price of Rs 43.90 apiece on BSE, the value of the 9 lakh shares gifted by Vaidyanathan comes out to be Rs 3,95,10,000. In addition, the bank said Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities.

"Thus, total shares disposed for gifts and social activities is 11 lakh equity shares of IDFC FIRST Bank, 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.

This is not the first time that Vaidyanathan has gifted shares as a token of appreciation. In 2018, he gifted 4.29 lakh shares to 26 colleagues, three former employees, ten relatives and five of his personal staff members, which at the time was worth over Rs 20 crore. 

 In 2020, he had gifted his former maths teacher shares worth Rs 30 lakh. In 2021, he had gifted 4.5 lakh shares worth Rs 2.43 crore to three people to buy houses.

With inputs from PTI

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