IDFC Bank chief gifts 9L shares to support staff

IDFC FIRST Bank managing director and chief executive officer V Vaidyanathan has gifted shares worth Rs 3.95 crore to five employees at his bank. Unlike other business heads who give expensive gifts to top-level employees as a token of appreciation, Vaidyanathan’s beneficiaries this time include his trainer, house helps and driver.

Vaidyanathan gifted 9 lakh shares of the bank held by him to the employees to help them build houses, news agency reported. Ramesh Raju, his trainer, received 3 lakh shares, house help Pranjal Narvekar and driver Algarsamy C Munapar got 2 lakh shares each. Office support staff Deepak Pathare and another house help Santosh Jogale got 1 lakh shares each.

Users on social media sites have been heaping applause for Vaidyanathan.

“Calculated at closing price of Rs 43.90 apiece on BSE, the value of the 9 lakh shares gifted by Vaidyanathan comes out to be Rs 3,95,10,000,” PTI quoted the private sector bank as saying in a regulatory filing. “Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities,” the bank added.

“Thus, total shares disposed 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,” the bank further said.

It is not the first time that Vaidyanathan has gifted shares to individuals not related to him.