IDFC First Bank CEO Gifts Shares Worth ₹1.9 Cr To Man Who Loaned Him ₹1,000

IDFC First Bank CEO V Vaidyanathan has made headlines by gifting shares worth nearly ₹5.5 crore to five individuals.

What Happened: According to an exchange filing, Vaidyanathan transferred 7 lakh shares to a group of five, including a retired Air Force officer, for reasons ranging from buying a house to providing financial security and medical assistance. Notably, Wg. Cdr. (Rtd.) Sampath Kumar, who had lent Vaidyanathan ₹1,000 years back, received 2.5 lakh shares, valued at around ₹1.9 crore, for his medical treatment, after they reconnected through a media article. After Kumar’s son read that article he reached and helped the two reconnect. Kumar currently lives in Australia.

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The other beneficiaries, Sameer Mhatre, Mayank Mrinal Ghosh, A Kanojia, and Manoj Sahay, are individuals close to the banker. These share transfers, dated March 21, were explicitly stated to have no direct or indirect benefits for Vaidyanathan himself. Mhatre and Kanojia were both allotted 50,000 and 2.75 lakh shares respectively to help them in purchasing a house.

Vaidyanathan, holding about a 1% stake in IDFC First Bank, has to date, donated shares worth approximately ₹80 crore, extending his support to friends and those in need, including his trainer, house help, and driver.

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Posted In: IDFC First Bank