Aditya Puri sells shares worth ₹843 cr in HDFC Bank, now owns only 0.01% stake

HDFC Bank Managing Director Aditya Puri has sold 7.42 million shares or 0.13% stake worth ₹842.87 crores in the bank, according to stock exchange filings. He sold these shares between July 21 and July 23.

27th July 2020 | 12:02 PM (IST)
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HDFC Bank Managing Director Aditya Puri has sold 7.42 million offers or 0.13% stake worth ₹842.87 crores in the bank between 21 July and 23 July, stock trade filings show.

Puri, whose residency closes in October, held a 0.14% stake or 7.8 million offers to start on 30 June, before the exchange. With this deal, the veteran broker presently holds 3.76 lakh shares or a 0.01% stake in the bank.

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An HDFC Bank representative said these offers were allocated to Puri on various occasions and at various value focuses (not at standard). In this way, the net sum acknowledged by him isn't ₹840 crores. The procurement cost of offers and the expense payable on the exchange must be represented also, he said.

A year ago in November, HDFC Bank block set a hunting council to recognize his replacement. In a notification to stock trades, the bank said that it has set up a six-part council including board individuals—HDFC Bank administrator Shyamala Gopinath, Sanjiv Sachar, M.D. Ranganathan, Sandeep Parekh, Srikanth Nadhamuni, and Keki Mistry—to locate the new CEO. Puri will go about as a counsel to the pursuit board of trustees.

Puri, who turns 70 one year from now, has been credited with building India's most significant bank since its beginning in 1994. As on 24 July, the private segment bank's market capitalization remained at ₹6.14 trillion. The bank has sent three shortlisted names to Reserve Bank of India as Puri's replacement: Sashidhar Jagdishan and Kaizad Bharucha—both official chiefs of the bank—and Sunil Garg, worldwide CEO of Citi Commercial Bank.

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As of late high-level ways out at HDFC Bank Ltd has turned the focus on the nation's biggest private division loan specialist, which is set for a top initiative change not long from now. Since March, the bank has seen the ways out of Abhay Aima, bunch head of private banking; Ashok Khanna, bunch head of made sure about vehicle credits; and Munish Mittal, boss data official—all HDFC Bank veterans and close associates of its long-lasting overseeing executive Aditya Puri.

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27th July 2020 | 12:02 PM (IST)
34 views
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