Bharucha Kaizad 4

What Happened

• Bharucha Kaizad, Deputy Managing Director of HDFC Bank (HDB), exercised employee stock options on 2026-03-23. The Form 4 shows two related entries: 6,000 shares were acquired via exercise at $6.80 per share (reporting value $40,800) and 6,000 shares were disposed (derivative) at the same $6.80 per share (reporting value $40,800). Combined, 12,000 options were exercised, resulting in a net increase of 6,000 shares held (12,000 exercised minus 6,000 sold). The total notional exercise amount reported equals ~$81,600.

Key Details

• Transaction date(s): 2026-03-23; Form 4 filed: 2026-03-24 (filed within the usual 2-business-day window).
• Prices and values reported: exercise price INR 617.90 per share (~USD $6.80 per share based on INR 1 = $0.011), values of $40,800 for each 6,000-share line; total reported = $81,600.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 = exercise date; F2 = "X" denotes exercise of employee stock options; F3 explains INR exercise price and USD conversion used.
• Exchanges/trading symbols noted: equity listed on NSE (HDFCBANK) and BSE (500180).

Context

• The filing shows an exercise with an immediate disposition of part of the shares (6,000 sold), which is commonly a cashless or sell-to-cover pattern to fund exercise costs/taxes; the filing itself reports the exercise and the disposition but does not state motivations. This is an insider option exercise (transaction code X/M) rather than an open-market buy or discretionary sale by an unrelated investor.