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Mumbai: HDFC bank Chief Executive and Managing Director Aditya Puri As per regulatory filings, it has sold over 74 lakh shares of the private lender for Rs 842.87 crore.
Shares sold between July 21 and 23 made Puri’s hold the most important Lender of india From the earlier 0.14 per cent to just 0.01 per cent.
The sale comes months before Puri’s retirement from the bank, under which he became the largest bank by wealth among private lenders and the second largest bank in 25 years.
He sold 74.20 lakh shares out of 77.96 lakh shares in the bank and the remaining stake in Puri’s bank shares is now 3.76 lakh shares valued at Rs 42 crore.
A spokesperson of the bank said that Puri was allotted shares for different periods of time at different price points and insisted that he was not given the equivalent of the face value of the share.
“The net worth felt by Puri is not up to par. He said that the acquisition cost of the shares and the tax payable on the transaction would also have to be accounted for.
Puri emerged as the highest-grossing Indian banker in FY 2019-20 with gross income increasing by Rs 18.92 crore. He had earned an additional Rs 161.56 crore in FY 2019-20 and Rs 42.20 crore in FY 2019, using his stock options as per the bank’s earlier disclosures.
HDFC Bank shares gained 46 per cent on March 24, after touching a low of Rs 765 in 2020, amid heavy selling in equities due to apprehensions over the COVID-19 epidemic. The stock closed at 1,118.80 on the BSE on Friday.
Puri was allegedly given 6.82 lakh shares under the Employee Stock Ownership Scheme (ESOP) in FY 2020 and also sold shares worth Rs 200 crore in a bank subsidiary. HDB Financial Services In FY2020.
His term is set to end in October when he attains the age of 70 and he will be the second chief executive after IndusInd Bank’s Romesh Sobti, who retires this year.
Speaking at a bank’s annual general meeting earlier this month, Puri stated that his favorite successor has been with the bank for 25 years and is now dependent on the Reserve Bank to confirm the name.
After launching a search for its successor, in which an external headhunter was appointed, the HDFC Bank Board decided on potential successors earlier this year and submitted their names. Reserve Bank of India In their choice of choice.
According to the news, the bank’s change agent Shashidhar Jagadishan and head of wholesale banking Kaizad Bharucha are among the internal candidates selected, while Citi Bank’s Sunil Garg is among the three external candidates selected by the board.
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