India

IDFC Bank CEO Gifts $500,000 Of Shares To Chauffeur, Maths Tutor

By
OB Bureau

New Delhi: In an unusual gesture, the chief executive officer (CEO) of IDFC First Bank Ltd. gifted $530,000 worth of the shares he owns to his driver, trainer, and helpers at home. V. Vaidyanathan gave 900,000 shares or 3.7% of his holding in the private sector lender. The recipients will use the funds to buy homes, according to an exchange filing. The value of the holding is based on Monday’s closing price, Bloomberg Quint reported.

Filings show that Vaidyanathan, 54, has gifted roughly 38% of his stake since January 2018, when he was head of the shadow lender Capital First that was later merged with listed IDFC Bank to create IDFC First Bank. That includes a 2020 gift to his former mathematics teacher, who had lent Vaidyanathan Rs 500 when the now-CEO was a broke student who had won admission into a premier school but didn’t have the cash to travel to the institute.

Monday’s filing shows that another 200,000 shares were sold by a welfare trust to fund its social activities, the report added. IDFC First Bank’s shares have risen about 5% since December 18, 2018, when the bank was created. It has also recovered from a 2020 slump amid the pandemic and Vaidyanathan was re-appointed for another term that ends in 2024.

OB Bureau

Recent Posts

OHRC Seeks Report From Odisha Govt On Mango Kernel Deaths In Kandhamal

Bhubaneswar: The Odisha Human Rights Commission (OHRC) has sent notices to Secretaries of Food &…

November 7, 2024

Why Are Kartik Aaryan’s Parents Scared Of Bollywood?

New Delhi: Even as his recently-released horror comedy ‘Bhool Bhulaiyaa 3’ continues to mint money…

November 7, 2024

How Delhi Police Cracked Gangrape Of Odisha Researcher; Cop In Guise Of Social Worker, Footage Of 700 CCTVs

New Delhi/Bhubaneswar: After over 20 days of investigation and analysing more than 700 CCTV cameras,…

November 7, 2024

‘No Notification Exists’: HC Closes Plea Against 1988 Ban On Salman Rushdie’s ‘The Satanic Verses’

New Delhi: The Delhi High Court has closed proceedings on a petition challenging the Rajiv…

November 7, 2024

Criticised For Touching His Wife’s Feet, Vikrant Massey Gives It Back To Trollers

Mumbai: ‘12th Fail’ actor Vikrant Massey recently got trolled after pictures of him touching his…

November 7, 2024

Threat Call: Was Shah Rukh Khan Targeted For His Deer-Hunting Dialogue In ‘Anjaam’?

Mumbai: Mumbai Police swung into action immediately after Bollywood superstar Shah Rukh Khan received a…

November 7, 2024

[Watch] Snowfall In Desert For The First Time!

Dubai: The effects of global climate change are being seen in various manifestations across the globe.…

November 7, 2024

Police Case Against Websites Selling T-Shirts With Photos Of Dawood, Bishnoi

Mumbai: When criminals are idolised and used for commercial purposes, police are bound to take action.…

November 7, 2024