IDFC FIRST Bank MD and CEO V Vaidyanathan is in news for one of the most inspiring philanthropic acts as he gifted shares worth Rs 3.95 crore to his support staff. Vaidyanathan has gifted his 9 lakh shares of the bank to help a total of five people including his driver, house help, trainer to purchase a house.
Vaidyanathan’s philanthropy came to light when the bank declared in their regulatory filing on Monday that their MD and CEO had gifted 9 lakh equity shares of IDFC FIRST Bank held by him.
According to the filling Vaidyanathan has gifted 3 lakh shares to his trainer Ramesh Raju, 2 lakh shares to his househelp Pranjal Narvekar, 2 lakh shares to his driver Algarsamy Munapar, 1 lakh shares to his office support staff Deepak Pathare and 1 lakh shares to his househelp Santosh Jogale. A total of 9 lakh shares were gifted by Vaidyanathan to his support staff to purchase a house.
The value of shares gifted by Vaidyanathan comes around Rs 3,95,10,100 as the market price of the share on BSE was Rs 43.90 on Monday.
The regulatory filing by the bank further added that Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities. The bank further added, “Thus, total shares disposed of for gifts and social activities is 11 lakh equity shares of IDFC FIRST Bank, and it is submitted as part of these disclosures, that there are no direct or indirect benefits derived by V Vaidyanathan from these transactions.”