Capital First's Chairman Honored Its Employees By Making Them Lakhpatis
Happiness gets doubled when you share it. These people working for Capital first limited were looking for a bonus on Diwali but they had no idea that this time, their boss had something more than just bonus for them. This gesture from the promoter and chairman of Capital first limited wasn’t just surprising but made Diwali brighter for the employees of Capital first limited.
When shares of Capital first limited saturated at 478.60 crores on November 02, 2018, Vaidyanathan Vembu, promoter and chairman of this company, doubled the happiness of his employees and family members by distributing shares of his company worth 20 crores among them. Out of 4.04 million shares he owned, he distributed nearly 4,30,000 shares among his employees. His maids and drivers received 6,500 shares each and his 26 former and current employees received 11,000 shares per person equivalent to 52.64 lakhs. He gifted 26,000 shares to one of his brothers and 13,000 to another one.
“His close family members have been an immense source of strength and support. It is an opportunity for him to thank them. The transfers are purely for reasons of love and affection and not for any other reason such as tax planning,” says Capital first.
Not a gift but a symbol of gratitude
When Capital first started in 2010, some people left their well paid jobs to help it gain momentum in the market. Because of such dedicated and loyal people, the company gained its name. Recently when its merger with previous bank got cleared, Capital first was going to start a new journey after RBI nodded for its new merger with IDFC bank. So Vaidyanathan decided to present a token of gratitude to those who helped him in laying down company’s foundation.
“Before the start of the new journey, he has expressed a desire to thank and honour those who have bought it to this strong position,” says Capital first.
Blessed for new beginning
With such a pleasant way to honor the employees, Capital first has earned the blessings of a lot of people to embark on a new journey. After the end of its merger with previous bank, IDFC bank will issue 139 shares for every 10 shares of Capital first for new merger and its managing director and CEO, Rajiv Lall will take over as non-executive chairman, meanwhile, Vaidyanathan will be acting as managing director and CEO.
“The company is now on the threshold of a merger with an existing bank and it is a significant milestone because of access to a bank platform,” says Capital first.
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