Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

IDFC First Bank's MD & CEO has sold shares to repay ESOP loan

Posted On: 2020-03-20 13:22:20

Mr. V. Vaidyanathan, Managing Director and Chief Executive Officer of IDFC First Bank Ltd has announced that he has sold 2,75,58,412 shares on 19th March 2020 for approximately Rs. 58 crores to close ESOP loan availed by him. He intends to sell about Rs. 35 crores worth of stocks today (20/3/2020) to entirely repay the residual ESOP Loan taken for exercising his ESOP shares to release his pledged shares. He has explained that with this sale he will have NIL ESOP Loan, and will not need to sell any more shares in the foreseeable future. He has also explained that the bank is doing wonderfully well on all counts, is on a great trajectory of performance on all parameters, and he looks forward to continue to build the bank to great heights with highest degree of corporate governance going forward as well. The exact extract of his intimation to the Compliance Officer of the bank is given below.

"I like to inform that I sold 2,75,58,412 shares yesterday to to close the ESOP loan availed by me to acquire the shares and I intend to sell about Rs. 35 crores worth of stocks today to entirely repay the residual ESOP Loan taken for exercising my ESOP shares and to release the pledged shares. I would like to clarify that I still hold 4,23,47,144 shares (0.88%) after yesterday's sale. The prices of the stock has come down recently due to the Coronavirus related development in the stock market across all sectors including all Banks which resulted in margin call, and at this stage I decided to sell the stock to entirely square the ESOP Loans. With the sale of Rs. 35 cores expected today, my loans against shares will be NIL. I have no other loans other than a home loan.

We are building a wonderful bank with strong trajectory of growth of branches, strong growth in retail loans, sharp improvement in CASA, with low NPA and high capital adequacy. All our trajectory strongly positive across all parameters. Hence I deeply regret sale of shares at this growth stage of our bank given the wonderful prospects, but I had to do the same to square the ESOP Loan. I believe there will be no need for me to sell any more shares in the foreseeable future.

Under the disclosure requirements, I am required to disclose the sale done yesterday within 2 working days. However, in interest of highest level of corporate governance, I am making disclosure within 1 working day and also disclosing the intent to sell only today, and also sharing the extent of sale ahead of reporting requirements. Even after this sale I will hold approximately 13 crores stocks and options in the bank.

I am entirely committed to building one of the greatest banks in the country with the highest levels of corporate governance as we have always represented."

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.20.65 as compared to the previous close of Rs. 23.85. The total number of shares traded during the day was 4263719 in over 7865 trades.

The stock hit an intraday high of Rs. 22.55 and intraday low of 20.3. The net turnover during the day was Rs. 90720512.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Seniority and RPG Life Sciences Launch SafeSeniors - India's First COVID-19 Risk Monitoring Tool for Senior Citizens

Paisalo Digital Ltd to consider various options for raising funds

Manali Petrochemical Ltd recommences production of Propylene Oxide

NLC India Ltd resumes mining operations at Neyveli

Music Broadcast Limited Ranks 4th, One of the 2020 Best Workplaces in Asia by Great Place to Work®

India Infrastructure Trust declares total distribution of Rs. 4.4357

Federal Bank Launches Various Covid-19 Relief Activities

Adani Gas reduces prices of CNG and Domestic PNG with effect from 09th April 2020

Astron Paper & Board Mill Ltd commences production in Unit-2 at Bhuj, Gujarat

West Coast Paper Mills Ltd restarts partial operations

STL grows its patent portfolio by 34% and increases global patent portfolio to 358 patents

DCM Shriram Limited updates on restart of production at Bharuch plant

CRISIL assigns ratings to Thermax Ltd

Snowman Logistics Ltd's warehouses are fully operational

L&T Hydrocarbon Engineering bags large contract from Indian Oil Corporation for 9 MMTPA Atmospheric & Vacuum Distillation Unit

SeQuent Scientific provides Covid-19 and Business Update

WABAG secures 5 Year Operation & Maintenance contract in Al Madina Al Shamaliya Sewage Treatment Plant in Kingdom of Bahrain

Zee Learn Ltd board approves appointment of CFO

Tata Steel Ltd board to consider issue of NCDs on Apr 13, 2020

ICRA revises credit ratings of VA Tech Wabag Ltd

Orient Paper & Industries Ltd restarts partial operations of plant

JM Financial Group commits Rs.30 crore towards COVID-19 relief measures

Brickwork assigns credit ratings to Ajanta Soya Limited

Chemfab Alkalis Ltd appoints Mr. S Prasath as CFO

Gujarat Alkalies and Chemicals Ltd announces partial operation of manufacturing facilities at Dahej and Vadodara Complexes

HUDCO updates on ratings by CARE, ICRA and Ind-Ra

Ind-Ra affirms long-term issue rating of Sudarshan Chemical Industries Limited

TamilNadu Petroproducts Ltd restarts plants

Wipro Ltd board to consider Q4, FY2019-20 results on April 15, 2020

Axis Bank mandated to collect funds for PM CARES Fund

IndiGo operates relief flights at own cost in the service of the nation

Adani Green Energy Limited (AGEL) consummates 2.148 GW joint venture with TOTAL, Receives INR 3,707 Cr

Timex Group in India receives SA 8000 certification, one of the world's first auditable social certification standards

Dabur Group earmarks Rs 21 Crores towards Support and Relief Activities

Granules India's Visakhapatnam facility received EU GMP approval

Cosmo Films Ltd resumes partial operations of plants at Maharashtra

Man Industries (India) Ltd's promoters purchase shares

HGS Offers Nurse Triage Services for Healthcare Companies to Support COVID-19 Patients During the Crisis

Royal Orchid & Regenta Hotels take up CSR Initiatives pan India to Alleviate Community Distress Amidst Covid-19 Pandemic

Zydus receives final approval from USFDA for Perphenazine Tablets USP

Knock Down the Lockdown with TCS iON Career Edge

Tata Power Solar receives the Letter of Award for CPSU-II from NTPC for 300 MW project

L&T Construction bags contract from Indian Army for its Smart World & Communication Business

JSW Steel Ltd - Crude Steel Production at 16.06 Million Tons for FY 2019-20

Tilaknagar Industries Ltd completes payment to Bank of India

Spandana Sphoorty Financial Ltd updates on key metrics for Q4 FY2019-20

IndusInd Bank announces QoQ drop in deposits

Polyplex Corporation Ltd board to consider buy back on April 9, 2020

Cyient Limited reappoints Mr. B V R Mohan Reddy as Executive Chairman

AU Small Finance Bank Limited updates on Q4 FY2019-20 performance

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019