IDFC First Bank managing director and CEO V Vaidyanathan’s philanthropic nature is well known. In a new gesture of benevolence, he has gifted 7 lakh shares of IDFC First Bank worth over Rs 5 crore held by him to five people not related to him.

In a stock exchange filing on 21 March, the bank said Vaidyanathan gave away shares to five people without consideration.

Vaidyanathan gifted 50,000 shares to Sameer Mhatre for the purpose of house purchase assistance and 75,000 shares to Mayank Mrinal Ghosh as ‘financial security to kin due to the bereavement of a colleague’.

Vaidyanathan also gifted 2.5 lakh shares to Wing Commander. (Rtd.) Sampath Kumar as an “assistance to senior citizen for providing support earlier in life”. The Air Force veteran had reportedly once loaned him Rs 1,000, as per some reports.

He gifted 2.75 lakh shares to A Kanojia for house purchase assistance and 50,000 shares to friend Manoj Sahay.

Shares of IDFC Bank closed at Rs 76.35 on 20 March. This estimates the total value of shares gifted at Rs 5.3 crore. 

This is not the first time that Vaidyanathan has given away his shares. In late 2018, Vaidyanathan gifted shares valued Rs 20 crore to drivers, maids, present, as well as former colleagues and family members. He also gave shares worth over Rs 40 crore to Rukmini Foundation.

In October 2020, Vaidyanathan gifted shares worth Rs 30 lakh to a former school teacher. His teacher had lent him Rs 500 as he ran out of money to buy train tickets. He had to appear for an interview at the Birla Institute of Technology, Mesra.

In March 2022, Vaidyanathan gifted 5 lakh shares to a deceased colleagues’ kin.