IDFC First Bank shares up on buying by GQG Partners. The sale proceeds, amounting to Rs 478.7 crore after accounting for STT and other brokerage charges, will be allocated for specific purposes.
Economy Business
IDFC First Bank MD and CEO V. Vaidyanathan sold 5.07 shares of the bank to US-based GQG Partners in a block trade transaction, the bank announced on Monday. The bank has been duly informed that the proceeds of the sale net of STT and other brokerage charges of Rs 478.7 crore will be utilized for subscribing to fresh shares of the Bank through exercise of options, for payment of related income tax and for contributing to specific pre-committed social causes," IDFC First Bank said. As part of a merger between Capital First and IDFC Bank in December 2018, Vaidyanathan was granted stock options.
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