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RBL Bank stock falls 3% after MD sells stake worth Rs 38 crore

"Vishwavir Ahuja, Managing Director & CEO of the bank, has sold 18,92,900 shares of RBL Bank on August 27 and 28, 2020, for approximately Rs 38.52 crore," the bank said in a BSE filing on August 28.

August 31, 2020 / 10:53 AM IST
 
 
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Shares of RBL Bank fell over 3 percent in morning trade on BSE on August 31 after the company informed exchanges that its MD & CEO sold nearly 19 lakh shares of the company.

"Vishwavir Ahuja, Managing Director & CEO of the bank, has sold 18,92,900 shares of RBL Bank on August 27 and 28, 2020, for approximately Rs 38.52 crore," the bank said in a BSE filing on August 28.

The bank said the sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise and purchase vested ESOPs

(and pay associated tax), as well as to take care of some pressing family commitments.

The sale represents approximately 18 percent of his and his family's total holdings and Ahuja continues to retain 80,10,000 shares (approximately 1.6 percent holding) of RBL bank post the sale of these shares, the bank said.

Shares of RBL Bank traded 2.80 percent down at Rs 204.70 on BSE at 10:40 hours.
Moneycontrol News
first published: Aug 31, 2020 10:52 am

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