Updated By: LatestGKGS Desk
V. Vaidyanathan Executive chairman of NBFC donates 10% of shares for homeless people
V. Vaidyanathan And Executive chairman of NBFC (Non-Banking Finance Company) and Award
V. Vaidyanathan gives 10.61% of his shares to colleagues, drivers and house helpers.
Executive chairman of NBFC(Non-Banking Finance Company) decided to gift 10.61% to his family members, colleagues, driver house, helpers, etc when the company merges with IDFC bank.
Total of 4.29 lakh shares out of total 40.40 lakhs he will gift to those people as a token of gratitude for and love and affection for them.
The company is going to merge with IDFC bank it will definitely affect the growth of NBFC and it will access to banking platform.
As V Vaidyanathan express his love and thanks to peoples who helped him to be in this position.
V Vaidyanathan to be the Capital first of India and pays his thanks to people associated with him.
The merger will be completed at the end of the year 2018 and shareholder of both the parties as well as RBI have already approved the merger.
According to the Agreement, IDFC Bank will issue 139 shares for every 10 shares of capital first.
Vaidyanathan's brother Satyamurthi Vembu is the largest recipient with 26000 shares.
Vaidyanathan turned around the company from posting losses of Rs 29 crore in fiscal 2008 to a net profit of Rs 327 crores in fiscal 2018.
