Known for generously donating shares to friends and for philanthropic causes, IDFC First Bank MD and CEO V Vaidyanathan is at it again. The banker gifted 7 lakh shares worth nearly Rs 5.5 crore of the private sector lender to five people, including an Air Force veteran and a child who lost a parent.
Regulatory filings show that Vaidyanathan gifted 50,000 shares of IDFC First Bank to Sameer Mhatre for buying a house, 75,000 shares to Mayank Mrinal Ghosh as “financial security to a relative on Bereavement of a colleague”, 2.5 lakh shares to Wg. Cdr. (Rtd.) Sampath Kumar in the form of assistance to the elderly.
The two others who received shares are – A Kanojia (2.75 lakh shares to buy a house) and Manoj Sahay who was identified as a friend of the banker.
The donation transactions were recorded earlier in the week on March 21. “It is submitted that there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions,” the bank said in a filing.
Based on the March 21 closing price of Rs 77.90, the donations are valued at around Rs 5.45 crore.
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While philanthropic acts are not uncommon in India Inc, Vaidyanathan has a peculiar style of donating company shares.
Earlier in February 2022, the banker gifted 9 lakh shares held by him, worth over Rs 3.95 crore, to five individuals, including his trainer, house helper and driver, to help them buy homes.
In 2020, he reportedly donated shares to his former maths teacher, who lent him 500 rupees when he entered primary school but did not have the cash to travel.
Since January 2018, the banker has reportedly donated around 40% of his stock held in the bank.