Aditya Puri raises Rs 842 crore by selling HDFC Bank shares, holding down to 0.01% – Times of India: MUMBAI: HDFC Financial institution chief government and managing director Aditya Puri has offered greater than 74 lakh shares of the personal lender to lift Rs 842.87 crore, based on regulatory filings.
Aditya Puri raises Rs 842 crore by selling HDFC Bank shares, holding down to 0.01% – Times of India
The share sale, which was executed between July 21 and 23, introduced down Puri’s holding in essentially 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 develop into the biggest 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 have been allotted to Puri over a time frame at completely different worth factors and harassed that they weren’t given at par with the face worth of the share.
“The web worth realized by Puri just isn’t as said. The acquisition price of shares and the tax payable on the transaction must be accounted for as properly,” he added.
Puri had emerged because the highest-paid Indian banker in FY2019-20 with a 20 per cent development 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 Financial institution 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 as a consequence of 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 Worker Inventory Possession Plan (ESOPs) in FY2020 and had additionally offered shares price Rs 200 crore within the financial institution’s subsidiary HDB Monetary Companies in FY2020.
His time period is ready to finish in October when he attains the age of 70 and he might be second chief government after Indusind Financial institution’s Romesh Sobti to retire this yr.
Talking 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 Financial institution now to substantiate the title.
After endeavor a seek for his successor, which included appointing an exterior headhunter, HDFC Financial institution board had earlier this yr selected the attainable successors and submitted their names to RBI in choice of their alternative.
In accordance with stories, 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.