HDFC Bank Managing Director (MD) Aditya Puri has sold 74.2 lakh shares of the bank which accounts for around 95 percent of his total shares. The latest exchange data showed that Puri has done the sale of shares between July 21 and 23 last week. As per a few media reports, shares have been sold for Rs 842.87 crore. However, the communication head of HDFC Bank, Neeraj Jha took on to Twitter to clarify, "Rs 840 crore mentioned in the story is the value of shares at the current price. The shares were allotted to Mr. Puri at different times, at different price points (not at par) acquisition cost & tax has to be accounted for as well. The net amount therefore will be much less."
Puri held 0.14 per cent stake before the share sale
Puri held 0.14 percent (77.96 lakh shares) stake in HDFC Bank before the transaction, according to the latest exchange data. After this sale, Puri now has 0.01% (3.76 lakh shares) stake. The share sale comes at a time when Puri is going to retire from the highest position of the bank in October. Aditya Puri has been the MD of HDFC Bank since its inception in 1994.
Puri: Man behind HDFC's success
The credit for making HDFC Bank India's largest private bank goes to Aditya Puri. Today, the market capitalization of the bank is Rs 6.14 lakh crore. On Friday, HDFC Bank shares closed at Rs 1,118.80, down 1.05 percent on the BSE. Recently Puri said that HDFC Bank's successor should always come from within the bank. Now it is up to the RBI to decide what the bank has recommended.
HDFC Bank sent three names to RBI
HDFC Bank has sent three names to the Reserve Bank of India (RBI) to succeed Aditya Puri. Of this, Sasidhar Jagadishan and Kayazad Bharucha are bank officials. Shasidhar joined the bank in 1996 and became CEO in 2008. Bharucha is ED. He is on the startup team of the bank. The third name was believed to be that of Sunil Garg of Citibank.
HDFC Bank profits to Rs 6658.62 crore in Q1
HDFC Bank has reported a net profit of Rs 6,658.62 crore in the first quarter (April-June) of the current financial year which is 20 percent more than the Rs 5,568.16 crore in the same period a year ago. However, the bank's other income has decreased by about Rs 900 crore during the same period. Bank deposits grew by 24.6 percent. The bank's net interest income (NII) increased by 17.80 percent to Rs 15,665 crore.