Giving
Bank CEO Gives $500,000 of Shares to His Chauffeur, Home Help
- Vaidyanathan has given roughly 38% of his stake over 4 years
- IDFC First shares are recovering from 2020 slump amid pandemic
V Vaidyanathan
Photographer: Pal Pillai/AFP/Getty Images
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The chief executive officer of IDFC First Bank Ltd. gifted $530,000 worth of the shares he owns to his driver, trainer, and helpers at home and office in an unusual gesture of philanthropy in India.
V. Vaidyanathan gave 900,000 shares or 3.7% of his holding in the private sector lender. The recipients will use the funds to buy homes, according to an exchange filing. The value of the holding is based on Monday’s closing price.