IDFC First Bank’s Vaidyanathan gifts 7 lakh shares to people not related to him

IDFC First Bank’s Managing Director and Chief Executive Officer (MD & CEO) V Vaidyanathan on March 21 gifted 7 lakh shares to five people not related to him, the bank said in a stock exchange filing on March 21.

The bank said the MD & CEO has gifted 7 lakh equity shares of IDFC First Bank Limited held by him.

Vaidyanathan gifted 50,000 shares to Sameer Mhatre, 75,000 shares to Mayank Ghosh, 2.5 lakh shares to Sampath Kumar and 2.75 lakh shares to A Kanojia and 50,000 shares to Manoj Sahay, the filing said.

This is not the first time that Vaidyanathan has given away his shares. In March 2022, Vaidyanathan gifted 5 lakh shares to a deceased colleagues’ kin. A  month earlier, he gifted shares worth Rs 4 crore to his trainer, house help and driver.