HDFC MD Aditya Puri, who will retire in October, said the bank’s Rs. Sold 74.2 lakh shares for Rs 843 crore
Puri sold 95% of its shares
Aditya Puri, managing director, HDFC Bank, has sold 74.2 lakh shares of the bank. The sale, which took place between July 21 and 23, was worth Rs. 843 crore. Puri has sold 95% of its bank shares. Puri had a 0.14% (77.96 lakh shares) stake in HDFC Bank prior to the deal, according to exchange data. After the stock sale, Puri now owns 0.01% (3.76 lakh shares). The sell-off comes at a time when Puri is retiring from the top post in October. Aditya Puri has been the MD of the bank since early 1994.
The credit for bringing the bank to the top goes to Puri
Aditya Puri is credited with making HDFC Bank the largest private bank in the country. Currently, the bank’s market capitalization is Rs. 6.14 crores. Earlier, Aditya Puri had said that the successor of a bank should always be a person inside the bank. Now it is up to the RBI to decide on the names recommended by the bank.
HDFC Bank has sent three names to RBI
HDFC Bank has sent three names to the Reserve Bank for Aditya Puri’s successor. Among them are officials of Shashidhar Jagadishan and Kayjad Bharucha Bank. Shashidhar joined the bank in 1996 and became the bank’s CEO in 2008. Bharucha is the executive director and is on the bank’s startup team. The third name is believed to be Sunil Garg of Citibank.