IDFC First Bank's Vaidyanathan Gifts Shares Worth Rs 4 Crore To House Help, Trainer, Driver

IDFC First Bank MD and CEO, V Vaidyanathan has gifted 9 lakh shares, worth over Rs 3.95 crore to his driver, house help, trained and two others to build their homes and other social causes

In a regulator filing, the bank informed that Vaidyanathan gifted 900,000 equity shares, held by him on February 21, 2022.

Vaidyanathan has gifted 3 lakh shares to his trainer Ramesh Raju, 2 lakh shares each to house help Pranjal Narvekar and driver Algarsamy C Munapar, and 1 lakh shares each to office support staff Deepak Pathare and house help Santosh Jogale, according to the regulatory filing.

"Thus, total shares disposed of 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," according to the regulatory filing.

It's not the first time Vaidyanathan has gifted shares to people, in 2021, he had gifted 4.5 lakh shares worth Rs 2.43 crore to three people to buy houses.

In 2020, he gifted 1 lakh shares then worth about Rs 30 lakh to his former maths teacher.

Vaidyanathan has also gifted 4.3 lakh shares worth Rs 20 crore to his staff, colleagues and family members when he was heading Capital First Ltd.