RBL Bank MD sells 18.9 lakh shares for Rs 38.52 crore to meet personal debt obligations

RBL Bank Managing Director and CEO Vishwavir Ahuja sold 18,92,900 shares of the company on August 27-28 for around Rs 38.52 crore, the bank said in an exchange filing. He sold the shares to service personal debt obligation as well as to meet some family commitments.

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

As per the release, after the sale, Ahuja still holds an approximate 1.6 percent stake in RBL Bank. He held 99,02,900 shares or 1.95 percent stake in the bank as of the quarter ending June 2020.