Vaidyanathan Bestows 7 Lakh Shares Valued at Almost Rs 5.5 Crore to Five Individuals (Image Source: Twitter)
IDFC First Bank‘s Managing Director and CEO, V Vaidyanathan, renowned for his gestures of gifting shares to friends and for philanthropic endeavors, has once again displayed his generosity. In a recent move, Vaidyanathan has gifted 7 lakh shares valued at nearly Rs 5.5 crore of the private sector lender to five individuals, marking yet another chapter in his distinctive approach to benevolence.
According to regulatory filings on the BSE, Vaidyanathan allocated 50,000 shares of IDFC First Bank to Sameer Mhatre to aid in purchasing a residence. Additionally, 75,000 shares were granted to Mayank Mrinal Ghosh to provide financial support to family members in the wake of a colleague’s passing.
As per the company’s filing on BSE, “We wish to inform that Mr. V. Vaidyanathan, Managing Director & CEO, has gifted 7,00,000 equity shares of IDFC FIRST Bank Limited held by him to the persons named below on March 21, 2024. It is declared that the recipients are 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.”
Further, Vaidyanathan’s philanthropic endeavors extend beyond financial support for housing and medical needs. He allocated 2,75,000 shares to Mr. A Kanojia for house purchase assistance, and an additional 50,000 shares were gifted to Mr. Manoj Sahay, a friend.
Vaidyanathan’s unique method of sharing company shares underscores his commitment to making a meaningful impact. With a significant 1% stake in the bank, he has already gifted approximately Rs 80 crore worth of shares to friends and individuals in need, cementing his reputation as a compassionate leader within India Inc.
This recent act of generosity follows previous instances where Vaidyanathan demonstrated his philanthropic spirit. In February 2022, he gifted 9 lakh shares valued at over Rs 3.95 crore to five individuals, including his trainer, househelp, and driver, facilitating their aspirations of homeownership. Moreover, in 2020, he reportedly gifted shares to his former mathematics teacher, who had lent him Rs 500 during his schooling days.
Since January 2018, Vaidyanathan has purportedly gifted approximately 40% of his stake in the bank, highlighting his ongoing commitment to giving back to society and supporting those who have played significant roles in his life.
