Aditya Puri, chief executive officer of the country’s largest private sector lender HDFC Bank, has sold one-fifth of his stake valued at Rs 156 crore in the bank last week.
According to insider trading data published by the stock exchanges last Thursday, Aditya Puri sold 12.52 lakh shares of the bank between February 11 and February 12. Before this transaction, Puri held 77.45 lakh shares or 0.14 per cent of bank’s equity capital.
Puri received stock options worth Rs 42.20 crore in FY19 compared to Rs 41.06 crore in the previous year. Shares of HDFC Bank rallied 17 per cent in the last one year on par with the benchmark Sensex.
The term of Aditya Puri, who has been the bank’s chief since 1994 when the bank was set up, ends on October 20, 2020. Last November, the bank board set up a search committee to identify his successor. Aditya Puri will act as an advisor to the 6-member group comprising Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry.
Aditya Puri, who took home Rs 55.87 crore salary including perquisites and stock options in FY19, sold shares worth Rs 200 crore in HDB Financial Services, the unlisted NBFC arm of the private lender last December.
These shares were held through a family trust Vistra ITCL (India). In 2013, he transferred his shares to his family as part of the succession planning. HDB Fin Services, which is considering an IPO, is valued at Rs 90,000 crore in the unlisted market. Its stock is trading between Rs 1,050 and Rs 1,100 apiece against Rs 600-700 a year earlier.
Source: Economic Times