HDFC Bank is in the process of finding a replacement for Puri, whose term ends on October 26, 2020.
HDFC Bank CEO Aditya Puri has sold nearly one-fifth of his stake, worth Rs 156 crore, in the company.
Puri sold 12.5 lakh shares between February 11 and 12, worth Rs 156.4 crore, according to data available on the BSE.
Following the transaction, Puri holds 0.12 percent of the bank’s equity capital, as against 0.14 percent before the transaction. He holds 64.9 lakh shares after his latest trade.
HDFC Bank is in the process of finding a replacement for Puri, whose term ends on October 26, 2020. The company has set up a Search Committee to look for Puri’s replacement.
Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry are the members of the committee while Puri is an advisor.
The lender has also hired global executive search firm Egon Zehnder to help search for Puri's successor.Puri, who turns 70 in 2020, has been the bank’s MD since 1994. In FY19, his salary was Rs 55.87 crore, which included stock options.
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