IDFC FIRST Bank CEO ‘Gifted’ Rs 3.9 Cr Worth Shares To Driver, Trainer, Househelp! But Why?

In a philanthropic move, the Managing Director and CEO of private lender IDFC First Bank, V Vaidyanathan has gifted 9 lakh equity shares of the bank, owned by him to help some of his staff and house-help build their homes.

IDFC First Bank CEO Gifts 11 Lakh Shares

In a well-appreciated gesture, the MD & CEO of IDFC FIRST Bank V Vaidyanathan has gifted equity shares worth more than Rs 3.95 crore to five of his staff members, some unrelated to him.

According to a regulatory filing by the bank on Monday, CEO Vaidyanathan gave 9 lakh equity shares of the bank, owned by him to his staff members for building their houses.

Additionally, the billionaire CEO also gifted two lakh shares, on a separate basis to support social activities, by Rukmani Social Welfare Trust.

In total, the banker gave away 11 lakh of IDFC FIRST Bank’s equity shares to different individuals and entities, with no direct or indirect benefits derived by him through any of the aforementioned transactions.

Vaidyanathan Gives 9 Lakh Shares to House Help & Staff

Of the total 9 lakh equity shares handed over by Vaidyanathan on Monday, 

• 3 lakh shares were gifted to his trainer Ramesh Raju,
• 1 lakh shares to househelp Pranjal Narvekar,
• 1 lakh shares to househelp Santosh Jogale. 
• 1 lakh shares to office support staff Deepak Pathare, and 
• 1 lakh shares to driver Algarsamy C Munapar.

The shares were given at the stock’s closing price on Monday at Rs 43.9 apiece on the BSE, and the total valuation of the 9 lakh shares stands at Rs 3,95,10,000.

“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”, added IDFC First Bank in its regulatory filing yesterday.