IDFC First Bank share price in focus after MD & CEO gifts 7 lakh equity shares to 5 people not related to him

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IDFC First Bank informed that its Managing Director & CEO V. Vaidyanathan gifted 7,00,000 equity shares of the company held by him on March 21 to five people without consideration. “It is declared that the recipients are not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations.

These transactions are without consideration," IDFC First Bank said. Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell on Friday — 22nd March As per the company’s regulatory filing, Vaidyanathan has gifted 50,000 shares to Sameer Mhatre for the purpose of house purchase assistance and 75,000 equity shares to Mayank Mrinal Ghosh as ‘financial security to kin due to the bereavement of a colleague’. Moreover, Wg.

Cdr. (Rtd.) Sampath Kumar has been given 2,50,000 IDFC First Bank shares by the MD & CEO as an assistance to senior citizen for providing support earlier in life. Vaidyanathan gifted 2,75,000 shares to A Kanojia for house purchase assistance and also 50,000 shares to a friend named Manoj Sahay.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 22 “It is submitted that there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions," IDFC First Bank said.

IDFC First Bank share price has fallen over 12% year-to-date (YTD), while the stock is up more than 39% in the past one year. The private sector lender reported a net profit of ₹715 crore for the quarter ended December 2023, registering a rise of 18.4% from ₹604.6 crore in the year-ago period. The bank’s net interest income (NII) - the difference between interest earned and interest expended - in Q3FY24 increased 30.5%