IDFC FIRST Bank's MD and CEO sells holdings in the bank for repayment of ESOP loan

Last Updated : Mar 20 2020 | 10:31 AM IST

IDFC FIRST Bank announced that the Bank's Managing Director and Chief Executive Officer, V. Vaidyanathan, has sold 2,75,58,412 shares on 19th March 2020 for approximately Rs. 58 crore to close ESOP loan availed by him. He intends to sell about Rs. 35 crore worth of stocks today on 20 March 2020 to entirely repay the residual ESOP Loan taken for exercising his ESOP shares to release his pledged shares. He has explained that with this sale he will have NIL ESOP Loan, and will not need to sell any more shares in the foreseeable future.

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IDFC FIRST Bank's MD and CEO sells holdings in the bank for repayment of ESOP loan