Aditya Puri sells 7.42 million shares in HDFC Bank for Rs 843 cr

Non-public sector lender HDFC Financial institution’s Managing Director (MD) Aditya Puri has bought 95 per cent of his shareholding within the financial institution valued at Rs 842.7 crore. Puri held zero.14 per cent stake (or about 7.eight million shares within the financial institution), of which he has bought 7.42 million shares between July 21 and July 23.

Puri has been the longest serving MD of a personal financial institution in India. Puri has been on the helm of HDFC Financial institution for the previous 26 years, since its inception in 1994. Puri will hold up his boots this October as he’ll attain the utmost age restrict of 70 for a chief govt officer (CEO) of a personal financial institution.

He took house an annual wage of Rs18.92 crore in 2019-20, which was 38 per cent greater than within the earlier yr, and emerged the very best paid banker among the many high non-public lenders. Puri exercised inventory choices of Rs 161.56 crore through the yr, in line with the financial institution’s 2019-20 annual report.

“The shares had been allotted to Puri at completely different occasions, at completely different worth factors (not at par). Acquisition price and tax must be accounted for as nicely. The web quantity, subsequently, might be a lot much less,” stated the spokesperson of HDFC Financial institution.

In keeping with inventory alternate filings by the financial institution, Puri exercised three.42 million inventory choices at an acquisition price of ~158 crore between October 2015 and July 2020, and bought 9.65 million shares, together with final week’s sale, for Rs 1,165 crore.

HDFC Financial institution has shortlisted three potential candidates for the place of MD after Puri demits workplace. The financial institution is awaiting the Reserve Financial institution of India’s approval on the CEO. The financial institution’s board had arrange a search committee to search for Puri’s successor comprising Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni, and Keki Mistry. Puri was an advisor to the search committee.

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