Aditya Puri, managing director
and chief executive officer of the country's largest private sector lender HDFC Bank NSE 0.66 % has sold 95% of his stake valued Rs 843 crore in the
bank this week. According to insider trading data published by the stock
exchanges on Saturday, Aditya Puri has sold 74.2
lakh shares of the bank between July 21 and Jul 24. Before this transaction,
Puri held 77.96 lakh shares or 0.14% of banks equity capital.
Puri received 6.82 lakh ESOPs
in FY2020. Shares of HDFC Bank rallied 46% since its yearly low of Rs 765
touched on March 24.
Puri who took home Rs 18.92
crore salary including perquisites but excluding stock options in the financial
year 2019-20 sold shares worth Rs 200 crore in HDB Financial Services, the
unlisted NBFC arm of the private lender in December last year. These shares
were held through a family trust Vistra ITCL (India). In 2013, he transferred
his shares to his family as part of the succession planning. The family’s
shareholding was transferred to the Trust, Vistra ITCL.
The term of Aditya Puri who
has been the managing director and chief executive since 1994 when the bank was
set up ends on October 20, 2020. HDFC Bank board in November last year set up a
search committee to identify his successor. Aditya Puri will act as an advisor
to the 6-member group comprising Shyamala Gopinath, Sanjiv Sachar, M D
Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry.
Insiders Sashidhar Jagdishan,
Kaizad Barucha and Sunil Garg of Citibank are some of the top contenders to
succeed Puri.
Comments
Post a Comment
Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.