IDFC First Bank Managing Director and Chief Executive Officer V Vaidyanathan has gifted nine lakh worth of shares to his chauffeur, trainer, and helpers at home and office as a philanthropic gesture.
A notification released on Monday said the lender stated that Mr Vaidyanathan has given away three lakh shares to his trainer, two lakh shares each to his househelp and chauffeur, and one lakh shares each to his office support staff.
"It is declared that the recipients are personal relationships and not related to him (Mr Vaidyanathan) in any manner under the definition of related parties of the Companies Act or SEBI Regulations," the notification added.
The purpose of the philanthropic gesture has been mentioned by the bank as "gift to purchase house".
In addition, Rukmani Social Welfare Trust has donated two lakh equity shares to support social activities, IDFC First said.
"Thus, total shares disposed for gifts and social activities is 11,00,000 equity shares of IDFC FIRST Bank Limited, and it is submitted as part of these disclosures, that there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions," it added.
In terms of valuation, the gift of 11 lakh shares - if calculated at yesterday's closing price of ₹ 43.90 - is worth nearly ₹ 4.83 crore.
Meanwhile, IDFC First Bank tanked 2.39% in afternoon trade on Tuesday as domestic indices crashed amid an escalation in the Russia-Ukraine crisis.