GQG Partners Acquires Rs 479.50 Crore Worth of IDFC First Bank Shares from CEO V. Vaidyanathan

11 Sep 2023 , 12:06 PM

GQG Partners acquires about 5.1 crore equity shares of IDFC First Bank’s MD & CEO, V. Vaidyanathan, in a Rs 479.50-crore block deal. IDFC First Bank’s share price increased nearly 2% in response to the block deal news. The bank’s shares opened at Rs 97.24 apiece on the BSE on Monday.

Proceeds from the Rs 478.7 crore sale are to be used for subscribing to new bank shares, income tax payments, and social contributions. V. Vaidyanathan confirms no personal use of the proceeds. CMD stock options from Capital First converted to IDFC First Bank options due to the 2018 merger.

Vaidyanathan will pay the exercise price for the stock options and income tax on the gains. He transferred shares to a Social Trust, which currently holds 50,93,860 bank shares. Vaidyanathan’s shareholding in IDFC First Bank increased from 0.58% to 1.04% of paid-up capital post-transaction. Including unconverted options, his shareholding becomes 1.23% of the total share capital.

For feedback and suggestions, write to us at [e-mail].