Aditya Puri sells HDFC Bank shares worth Rs 843 crore

In a significant development, HDFC Bank Managing Director Aditya Puri has sold 7.42 million shares or 0.13% stake worth ₹842.87 crore in the bank between 21 July and 23 July, stock exchange filings show. This comes after Puri on July 20 said that HDFC Bank would have an insider as the new CEO and managing director of the company.

Puri, whose tenure ends in October, held 0.14% stake or 7.8 million shares as of 30 June, before the transaction. Puri now holds 3.76 lakh shares or 0.01% stake in the bank.

According to a bank spokesperson, these shares were allotted to Puri at different times and at different price points (not at par). Therefore, the net amount realized by him is not ₹840 crores. The acquisition cost of shares and the tax payable on the transaction has to be accounted for as well, he said.

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HDFC Bank's Aditya Puri Reveals 'successor Has Spent 25 Years' With Company

HDFC Bank would have an insider as the new CEO and managing director of the company, said HDFC Bank's Managing Director and Chief Executive Officer Aditya Puri. Without revealing the name of the candidate, Puri said that that his preferred successor is an internal contender who has spent 25 years in the company.

"He (the successor) has been with us for 25 years… my successor was always in place, at least in my mind," Puri told shareholders at the bank's virtual AGM held on Saturday.

Elaborating on the preparedness of the next CEO in terms of training and business understanding, he even assured the shareholders that his successor has 'learnt very well' while justifying his choice for the next CEO.

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