IDFC First Bank, CEO of IDFC First Bank, gifted $530,000 worth of stock he owned to a group of his chauffeur, coach, and home and office assistants in an extraordinary gesture to philanthropic work in… India.
In Vaidinathan, he gave 900,000 shares, or 3.7% of his stake in the bank, which the beneficiaries will use to buy homes, according to a disclosure filed with the Indian Stock Exchange.
It was not the first time for the 54-year-old Vaidinathan, who has made a total of 38% of his shares in the bank since January 2018, when he was the head of a small bank called Capital First that was later merged with IDFC Bank, and the merger resulted in the current bank listed in Indian market IDFC First Bank, according to “Bloomberg”, and reviewed by “Al Arabiya.net”.
Among Vaidinathat’s previous donations was a gift in 2020 to a former mathematics teacher, who loaned him 500 rupees when he was a penniless student who got accepted into the school, but did not have the money to travel to the institute. Another 200,000 shares were sold to a social welfare fund to finance its social activities.
Shares in IDFC First Bank are up about 5% since December 18, 2018, when the bank was created, also recovering from the 2020 recession amid the pandemic and reappointing Vaidinathan for another term ending in 2024.