Aditya Puri raises Rs 842 cr by promoting HDFC Bank shares, holding all the way down to 0.01computer

Mumbai, July 26

HDFC Bank chief govt and managing director Aditya Puri has offered greater than 74 lakh shares of the personal lender to lift Rs 842.87 crore, in response to regulatory filings.

The share sale, which was executed between July 21 and 23, introduced down Puri’s holding in probably the most valued Indian lender to simply 0.01 per cent from the sooner 0.14 per cent.

The sale comes months forward of Puri’s retirement from the financial institution, which he led to turn out to be the most important by belongings amongst personal lenders and the second-largest total over 25 years.

He offered 74.20 lakh of the 77.96 lakh shares within the financial institution and Puri’s remaining holding of the financial institution shares is now 3.76 lakh shares valued at over Rs 42 crore as of the final shut.

A financial institution spokesperson defined that the shares had been allotted to Puri over a time period at completely different worth factors and burdened that they weren’t given at par with the face worth of the share.

“The net value realized by Puri is not as stated. The acquisition cost of shares and the tax payable on the transaction has to be accounted for as well,” he added.

Puri had emerged because the highest-paid Indian banker in FY2019-20 with a 20 per cent progress in gross earnings at Rs 18.92 crore. He had additionally earned a further Rs 161.56 crore in FY2019-20 and Rs 42.20 crore in FY2019 by exercising his inventory choices, as per the financial institution’s earlier disclosures.

HDFC Bank shares have gained 46 per cent since touching its 2020 low of Rs 765 apiece on March 24, amid an enormous sell-off in equities attributable to fears over the COVID-19 pandemic. The scrip closed at 1,118.80 on the BSE on Friday.

Puri was reportedly granted 6.82 lakh shares underneath the Employee Stock Ownership Plan (ESOPs) in FY2020 and had additionally offered shares value Rs 200 crore within the financial institution’s subsidiary HDB Financial Services in FY2020.

His time period is ready to finish in October when he attains the age of 70 and he might be second chief govt after Indusind Bank’s Romesh Sobti to retire this 12 months.

Speaking at a financial institution annual normal assembly earlier this month, Puri had stated his most popular successor has been with the financial institution for over 25 years and it’s as much as the Reserve Bank now to substantiate the identify.

After endeavor a seek for his successor, which included appointing an exterior headhunter, HDFC Bank board had earlier this 12 months selected the potential successors and submitted their names to RBI in choice of their alternative.

According to experiences, financial institution’s change agent Sashidhar Jagdishan and head of wholesale banking Kaizad Bharucha are among the many chosen inner candidates, whereas Sunil Garg of Citibank is among the many three exterior candidates chosen by the board. — PTI

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