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IDFC First Bank’s Vaidynathan gifts 1 lakh shares to former school teacher

Vaidyanathan gifted shares to Gurdial Saroop Saini, as a gift, without any consideration as a token of gratitude for his teacher's help to him at an earlier stage in his life, the bank said.

September 30, 2020 / 01:31 PM IST
 
 
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V. Vaidyanathan, managing director and CEO of IDFC First Bank, has transferred one lakh equity shares of IDFC FIRST Bank held by him in his personal capacity to his former school teacher, the bank said in a note to exchanges.

Vaidyanathan gifted shares to Gurdial Saroop Saini, as a gift, without any consideration as a token of gratitude for his teacher's help to him at an earlier stage in his life, the bank said.

“It is clarified by Vaidyanathan that Mr. Saini is not a related party under Companies Act, and that the recipient will pay taxes as per applicable tax laws,” the communication said.

At the current share price of Rs 29.90, these shares worth around Rs 30 lakh.







Vaidyanathan is founder, Capital First, which merged in to IDFC Bank in December 2018, creating IDFC First Bank. In 2018, while still with Capital First, Vaidyanathan gifted 4,30,000 shares to his family members, colleagues and maids.







Moneycontrol News
first published: Sep 30, 2020 01:31 pm

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