Vaidyanathan Vembu, chairman of Capital First Ltd, has gifted nearly 430,000 shares worth over Rs 20 crore to two drivers, three maids, some colleagues and family members, reported LiveMint.
“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…The transfers are purely for reasons of love and affection and not for any other reason such as tax planning,” the company said, according to the report.
As per the report, the gift, that comes days before Diwali will make the recipients millionaires overnight. As per the report, the company informed in a stock exchange filing that while the drivers and maids will get 6500 shares each, 26 former and present colleagues will get 11,000 shares.
Besides them, brothers Satyamurthy Vembu and Krishnamurthy Vembu will get 26000 and 13000 respectively. In addition, 71,500 shares will be distributed among eight other family members.
First Published: IST