The chief executive officer of IDFC First Bank Ltd. gifted $530,000 worth of the shares he owns to his driver, trainer, and helpers at home and office in an unusual gesture of philanthropy in India.
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.
Filings show that Mr Vaidyanathan, 54, has gifted roughly 38% of his stake since January 2018, when he was head of 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 Mr Vaidyanathan 500 rupees 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.
Another 200,000 shares were sold by a welfare trust to fund its social activities, Monday's filing shows.
Shares in IDFC First Bank have risen about 5% since Dec. 18, 2018, when the bank was created.It has also recovered from a 2020 slump amid the pandemic and Mr Vaidyanathan was re-appointed for another term that ends in 2024.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Rupee May Sink To 82.50 On Rising Dollar, Funding Gap: IDFC Bank IDFC First Bank Profit Jumps Over 165% To Rs 343 Crore In March Quarter "Wonderful Gesture": Social Media Praises IDFC Bank CEO's Philanthropic Move Congress Leader Files Complaint Against Allu Arjun Over Scene In 'Pushpa 2' Trump Says US Ownership Of Greenland Absolutely Necessary, Nation Responds Bengaluru Techie Loses Rs 11.8 Crore After "Digital Arrest" Over 1,000 Vehicles Stuck Amid Heavy Snowfall In Himachal's Manali Kilauea Volcano Erupts Again, Spews Columns Of Lava Above Hawaii Ex-US President Bill Clinton In Hospital For Fever, Remains In "Good Spirits" Track Latest News Live on NDTV.com and get news updates from India and around the world.