21 February, 2022: IDFC First Bank Managing Director and CEO V Vaidyanathan has gifted 900,000 shares worth a total of about Rs 4 crore to five of his staff to help them purchase a house, a stock exchange filing showed. Vaidyanathan has given these shares from his personal holdings, without any consideration, the filing said. This is not the first time that Vaidyanathan has given shares. He has in the past often gifted his shares to help out people known to him.
“Mr V Vaidyanathan has gifted 900,000 equity shares of IDFC First Bank Limited held by him to the persons named below on February 21, 2022. 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,” IDFC First Bank said in the filing.
The five people are
Mr Ramesh Raju, Trainer (300,000 shares)
Mr Pranjal Narvekar, Househelp (200,000 shares)
Mr Algarsamy C Munapar, Driver (200,000 shares)
Mr Deepak Pathare, Office Support Staff (100,000 shares)
Mr Santosh Jogale, Househelp (100,000 shares)
At today’s closing price of Rs 43.9 per share on NSE, the value of 900,000 shares gifted is a little over Rs 3.95 crore.
V Vaidyanathan’s helping hands
Earlier, in May 2021, Vaidyanathan gifted 4.5 lakh shares then worth about Rs 2.43 crore to three people to buy a house. Before that, in October 2020, he gifted 1 lakh shares then worth about Rs 30 lakh to his former maths teacher Gurdial Saini as gratitude. Even before, when he was heading Capital First Ltd prior to its merger with IDFC Bank, Vaidyanathan gifted 4.3 lakh shares worth a whopping Rs 20 crore to his staff, colleagues and family members.
V Vaidyanathan’s shareholding change in IDFC Bank
Vaidyanathan holds a total of 2.44 crore shares with a 0.39% equity stake in IDFC First Bank, per the data available as of December 31, 2022. Over the years, his personal stake has fallen from 5.68 crore shares in March 2019.
IDFC First Bank share price history
IDFC First Bank share price has fallen nearly 29% in the last one year from Rs 61.5 on February 22, 2021, to Rs 43.9 as of today. By comparison the Nifty Bank index has gained about 7%. NSE Nifty 50 has gained over 17% in the same period.