Aditya Puri sells HDFC Bank shares worth Rs 843 crore

Post this transaction, Puri holds 3.76 lakh shares of the bank or 0.01 per cent

NSE LTP – 1120.45 (24/07/2020)

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HDFC Bank managing director, Aditya Puri has sold bank’s shares worth Rs 843 crore (as per current prices) post July 21, stock exchange filings showed.

Puri has sold 7.42 million shares or 0.13 percent stake, the bank said. Post this transaction, Puri holds 3.76 lakh shares of the bank or 0.01 per cent.

In a statement, HDFC Bank spokesperson clarified that the value of around Rs 840 crore mentioned in media reports is the value of the shares at current price. "These shares were allotted to Puri at different times and at different price points (not at par). Therefore, the net amount realised by Puri is not Rs 840 crore. The acquisition cost of shares and the tax payable on the transaction has to be accounted for as well," the spokesperson said.

Puri, whose term as managing director ends in October this year, has been heading the bank for 26 years.

Source - Moneyconrol.com

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