NEW DELHI: Chief Executive Officer (CEO) of IDFC’s First Bank donates $530,000 worth of stock he owns to his drivers, coaches and home and office helpers in an unusual act of charity.
V Vaidyanathan has given 900,000 shares, or 3.7% of its shares, to the private sector lender.
The recipients will use the money to buy a home, according to an exchange filing. The value of the hold is based on Monday’s closing price.
Footage shows Vaidyanathan, 54, giving away about 38% of his shares since January 2018, when he was head of shadow lending firm Capital First, which was later merged with IDFC Bank listed to create IDFC First Bank. That includes a 2020 gift to his former math teacher who loaned Vaidyanathan Rs 500 when the CEO is now a failed student who matriculated into a top school but didn’t have the money to go. to the hospital.
Another 200,000 shares were sold by a welfare fund to fund its social causes, filings showed Monday.
Shares of IDFC First Bank have risen about 5% since December 18, 2018, when the bank was founded. It also recovered from its 2020 slump amid the pandemic and Vaidyanathan was reappointed for another term ending in 2024.
V Vaidyanathan has given 900,000 shares, or 3.7% of its shares, to the private sector lender.
The recipients will use the money to buy a home, according to an exchange filing. The value of the hold is based on Monday’s closing price.
Footage shows Vaidyanathan, 54, giving away about 38% of his shares since January 2018, when he was head of shadow lending firm Capital First, which was later merged with IDFC Bank listed to create IDFC First Bank. That includes a 2020 gift to his former math teacher who loaned Vaidyanathan Rs 500 when the CEO is now a failed student who matriculated into a top school but didn’t have the money to go. to the hospital.
Another 200,000 shares were sold by a welfare fund to fund its social causes, filings showed Monday.
Shares of IDFC First Bank have risen about 5% since December 18, 2018, when the bank was founded. It also recovered from its 2020 slump amid the pandemic and Vaidyanathan was reappointed for another term ending in 2024.
