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MUMBAI :
HDFC Bank Managing Director Aditya Puri has offered 7.42 million shares or 0.13% stake worth ₹842.87 crore in the financial institution between 21 July and 23 July, inventory change filings present.
Puri, whose tenure ends in October, held 0.14% stake or 7.eight million shares as of 30 June, earlier than the transaction. With this sale, the veteran banker now holds 3.76 lakh shares or 0.01% stake in the financial institution.
An HDFC Bank spokesperson stated these shares had been allotted to Puri at totally different occasions and at totally different value factors (not at par). Therefore, the online quantity realized by him just isn’t ₹840 crore. The acquisition price of shares and the tax payable on the transaction must be accounted for as nicely, he stated.
Last 12 months in November, HDFC Bank board arrange a search committee to establish his successor. In a discover to inventory exchanges, the financial institution stated that it has arrange a six-member committee comprising board members—HDFC Bank chairman Shyamala Gopinath, Sanjiv Sachar, M.D. Ranganathan, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry—to seek out the brand new chief government officer. Puri will act as an advisor to the search committee.
Puri, who turns 70 subsequent 12 months, has been credited with constructing India’s most precious financial institution since its inception in 1994. As on 24 July, the non-public sector financial institution’s market capitalization stood at ₹6.14 trillion. The financial institution has despatched three shortlisted names to Reserve Bank of India as Puri’s successor: Sashidhar Jagdishan and Kaizad Bharucha—each government administrators of the financial institution—and Sunil Garg, world chief government officer of Citi Commercial Bank.
Recently top-level exits at HDFC Bank Ltd has turned the highlight on the nation’s largest non-public sector lender, which is about for a high management change later this 12 months. Since March, the financial institution has seen the exits of Abhay Aima, group head of personal banking; Ashok Khanna, group head of secured car loans; and Munish Mittal, chief data officer—all HDFC Bank veterans and shut aides of its long-time managing director Aditya Puri.
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