The CEO of India’s IDFC First Bank, V Vaidyanathan, set a new benchmark of being a philanthropic boss by giving $530,000 or around Rp 7,609,289,500 worth of shares he owns to his driver, trainer, and helpers at home and office. As an added philanthropic bonus, Mr. V Vaidyanathan also gave 900,000 shares or 3.7% of his holding in the private sector lender.
The recipients will use the funds to buy homes, according to an exchange filing. The value of the holding is based on Monday’s closing price.
Mr. V Vaidyanathan, 54, has given roughly 38% of his stake since January 2018. It includes a generous gift to his former math teacher, who had lent Vaidyanathan Rs 500 when he was only a broke student and needed travel money to go to a premier school where he had won an admission.