IDFC First Bank CEO Vaidyanathan gifts Rs 4 crore to driver, domestic help & trainer

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IDFC First Bank MD and CEO V. Vaidyanathan has gifted close to Rs 4 crore worth of shares held by him in the bank to his driver, domestic help and fitness trainer.</p>
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V Vaidyanathan has gifted 9,00 shares, the bank has stated in a regulatory filing.</p>
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The 54-year-old CEO has gifted 3 lakh shares to his trainer Ramesh Raju; 2 lakh shares each to househelp Pranjal Narvekar and driver Algarsamy C Munapar; and 1 lakh shares each to office support staff Deepak Pathare and househelp Santosh Jogale.</p>
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Calculated at Monday's closing price of Rs 43.90 apiece on BSE, the value of the 9 lakh shares gifted by Vaidyanathan works out to over Rs 3.95 crore.</p>
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The five individuals who have been serving Vaidyanathan are not related to him and this is seen as act of philanthropy.</p>
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Earlier too, he had gifted shares in his personal capacity to some individuals unrelated to him.</p>
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Earlier in 2020 Vaidyanathan had made a similar gift to his former mathematics teacher, who had lent Rs 500 when he was a student and did not have the money to travel to a premier institute in which he had got admission.</p>
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Vaidyanathan has gifted around 38% of his stake since January 2018.</p>