NEW DELHI: RBL Bank said its managing director Vishwavir Ahuja has reduced his stake in the private lender to service personal debt and cater to family commitments. In a stock exchange filing, the bank said that Ahuja sold 18,92,900 shares of the company for Rs 38.52 crore over Thursday and Friday.
At the end of June, Ahuja held 1.95 per cent stake or 99,02,990 shares of the bank. "The sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise and purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments," the bank said.
It added that the sale represented around 18 per cent of his and his family’s total holdings and Ahuja continues to retain 80,10,000 shares or around 1.6 per cent stake in RBL Bank post the sale of these shares. The chief of the private sector lender said that RBL Bank has strong growth prospects over the next several years, especially in areas which it has chosen to scale up.
"We continue to walk down the transformation journey that started 10 years ago, and believe that the current economic disruptions will only further accelerate the opportunities that present themselves to a technologically led bank such as ours, which I continue to lead with full commitment...," he added.