Diwali is synonymous with bonuses. It is that time of the year when purse strings are loosened across the board – from companies to employees and businesses – a time when there is a lot of giving, receiving, prosperity, and hope.
While most people give generously, there are some whose giving changes lives.
Vembu Vaidyanathan, Executive Chairman of Capital First, a non-banking finance company (NBFC), is one such person.
Photo Source: Pinterest
He has decided to give away 10.61% of his shares, ahead of the company’s impending merger with IDFC Bank. The total value of his gift is a staggering Rs 20.5 crores.
According to a report published by the Economic Times, people who will receive these shares include 23 existing colleagues, three former colleagues, Vaidyanathan’s two brothers and a sister, his father-in-law, wife’s maternal uncle, wife’s three cousin brothers, two drivers and three house-helps.
The total value of the shares, according to Capital First’s closing price of Rs 478.60 per share on Friday, November 2, is Rs 20.53 crore. Vaidyanathan’s brother, Satyamurthy Vembu, is the largest recipient with 26,000 shares.
You May Also Like: SC Modifies Verdict on Firecackers This Diwali: 6 Points to Know
As per a statement issued by the company, “The company is now on the threshold of a merger with an existing bank, and such (a) merger is a significant milestone because of access to a bank platform. Before the start of the new journey, he (Vembu) has expressed a desire to thank and honour those who have brought it to this strong position, from its start-up position in 2010.”
As per a report in The Mint, a statement issued by the company, said, “His close family members have been an immense source of strength and support. It is an opportunity for him to thank them. Hence, he has transferred a part of his personal stake to his near and dear ones. None of the recipients are his heirs or successors.”
For those who have been associated with Capital First since its inception, this gesture acknowledges their support, and Diwali for them has surely begun on a very prosperous note.
(Edited by Shruti Singhal)