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Currently, Vaidyanathan Vembu holds 4.04 million shares, or 4.08% of the capital of Capital First Ltd.
Mumbai: Diwali arrived early for two drivers, three housekeepers, coworkers and Vaidyanathan family members. Vembu, promoter and president of Capital First Ltd., has offered these people nearly 430,000 shares worth more than 20 billion rupees.
While Vaidyanathan gives 6,500 shares each to chambermaids and drivers, 26 colleagues, past and present, will receive Satyamurthy Vembu, a brother, holds 26,000. Another brother, Krishnamurthy Vembu, gets 13,000, said the company in a stock market, while eight other members of his family got 71,500.
On Friday, the shares of the company ended at £ 478.60 each, valuing 11,000 shares at £ 52.64 lakh . The actions of his drivers and maids are estimated at 31.1 lakh ₹ each. So far this year, the script has dropped by 31%.
Vaidyanathan, who owns 4.04 million shares or a 4.08% stake in the company, said that when his company was in the start-up phase in 2010, some people had left their jobs and had contributed to its growth. "The company is about to merge with an existing bank and is an important step because of access to a banking platform. Before the beginning of the new journey, he expressed the desire to thank and honor those who bought it at this strong position, "said the company to the exchanges.
" The members of his family have been an immense source of strength and support. This is the opportunity for him to thank them. As a result, he transferred part of his personal stake to his family and friends. None of the recipients are his heirs or successors, "said the company. "The transfers are purely purely motivated by love and affection and not by some other reason, such as tax planning," the text adds.
Last month, the shareholders of Capital First authorized the merger with IDFC Bank. The IDFC Bank will issue 139 shares for every 10 shares of Capital First. Following the merger, Rajiv Lall, Chief Executive Officer and CEO of IDFC Bank, will badume the role of Non-Executive Chairman. Vaidyanathan will be the General Manager and the General Manager.
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