In a generous and philanthropic move, IDFC First bank CEO V Vaidyanathan gifted 9 lakh shares of his bank worth 3Cr to his support staff of trainer, driver, 2 of his house help, and office help.
He has gifted 3 lakh shares to his trainer Ramesh Raju; 2 lakh shares each to household Pranjal Narvekar and driver Algarsamy C Munapar; and 1 lakh shares each to office support staff Deepak Pathare and household Santosh Joggle, according to a report in economic times.
“Mr V Vaidyanathan has gifted 900,000 equity shares of IDFC First Bank Limited held by him to the persons named below on February 21, 2022. It is declared that the recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI regulations. These transactions are without consideration,” IDFC First Bank said in the filing.
These shares given away accounts for over 3.5% of his holdings in the bank and the recipients will use this to buy homes. Earlier, in May 2021, Vaidyanathan gifted 4.5 lakh shares then worth about Rs 2.43 crore to three people to buy a house. Before that in 2020, he had gifted 1 lakh of shares to his former maths teacher, who when he was young had given him 500 rupees to travel to a premier institute where he had secured admission.
He had donated and gifted about 38% of his stake in Capital First towards philanthropic work in his earlier role as head of the same company before its merger with IDFC bank and is known for his generosity.