The MD of HDFC Bank, Aditya Puri has sold over 74.2 lakh shares, 95 per cent of his stake in the bank for around Rs 842.87 crore during the week gone by. Prior to the transaction, Puri held 0.14 per cent stake -- 77.96 lakh shares -- and post the sale he holds 0.01 per cent stake, 3.76 lakh shares, according to the latest data released by the exchanges. Puri sold the shares during July 21-23.
The development gains significance as Puri is set to retire from the top post of the bank in October after serving as the MD since its establishment in 1994. Puri, who quit his job as head of Citibank Malaysia to launch HDFC Bank in 1994, has created the country’s second-largest lender. The bank's board last year set up a 6-member search committee to identify his successor.
Puri is credited with building India's largest and most valued private sector bank. The bank's market capitalisation currently stands at Rs 6.14 lakh crore.
At the end of the day's trade on Friday, its shares were at Rs 1,118.80 on the BSE, lower by Rs 11.90 or 1.05 per cent from the previous close.
(With IANS inputs)