HDFC Bank (NYSE: HDB) director reports sizeable equity and option stakes

Rhea-AI Filing Summary

HDFC Bank Ltd director Rangan Srinivasa has filed an initial Form 3 showing his existing stake in the company. The filing lists direct ownership of 2,988,396 Equity Shares and an additional 26,200 Equity Shares held indirectly through his mother.

It also details multiple Employee Stock Options over Equity Shares, with individual grants such as 310,000, 315,000 and 324,300 underlying shares at an exercise price of $8.83, and several 63,000–73,400-share grants at exercise prices of $9.23 and $10.21. These options have staggered exercise and expiration dates between 2025 and 2034, reflecting a long-term equity-based compensation package rather than new market purchases or sales.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Rangan Srinivasa

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL WEST

(Street)

MUMBAI K7 400013

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
HDFC BANK LTD [ HDB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Equity Shares	2,988,396	D
Equity Shares	26,200	I	Mother

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	07/30/2025	07/30/2029	Equity Shares	310,000	$8.83(1)	D
Employee Stock Option	07/30/2026	07/30/2030	Equity Shares	315,000	$8.83(1)	D
Employee Stock Option	07/30/2027	07/30/2031	Equity Shares	324,300	$8.83(1)	D
Employee Stock Option	01/30/2026	01/30/2030	Equity Shares	63,000	$9.23(1)	D
Employee Stock Option	01/30/2027	01/30/2031	Equity Shares	63,000	$9.23(1)	D
Employee Stock Option	01/30/2028	01/30/2032	Equity Shares	63,000	$9.23(1)	D
Employee Stock Option	01/30/2029	01/30/2033	Equity Shares	62,952	$9.23(1)	D
Employee Stock Option	02/03/2027	02/03/2031	Equity Shares	73,400	$10.21(1)	D
Employee Stock Option	02/03/2028	02/03/2032	Equity Shares	73,400	$10.21(1)	D
Employee Stock Option	02/03/2029	02/03/2033	Equity Shares	73,400	$10.21(1)	D
Employee Stock Option	02/03/2030	02/03/2034	Equity Shares	73,338	$10.21(1)	D

Explanation of Responses:

1. Conversion rate as on March 16, 2026 applied : 1Rs = 0.011 USD

Remarks:

Exhibit 24 - Power of Attorney Executive Director

	/s/ Dhanjit Thaivalappil, Attorney in fact for Rangan Srinivasa	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does HDFC Bank (HDB) director Rangan Srinivasa report on this Form 3?

He reports his initial beneficial ownership in HDFC Bank, including direct and indirect Equity Shares plus multiple employee stock option grants. This Form 3 establishes his baseline holdings as a director, rather than recording new market purchases or sales.

How many HDFC Bank Equity Shares does Rangan Srinivasa directly hold?

He directly holds 2,988,396 Equity Shares of HDFC Bank. This represents his personal registered position in the company’s stock, separate from any options or indirect holdings reported through related parties or derivative awards.

What indirect HDFC Bank shareholding is disclosed for Rangan Srinivasa on Form 3?

The filing shows 26,200 Equity Shares held indirectly, with ownership described as “Mother.” This indicates an associated holding attributed to him for reporting purposes, in addition to his much larger directly held share position.

What employee stock options are reported by HDFC Bank director Rangan Srinivasa?

He reports several Employee Stock Option grants over Equity Shares, including tranches such as 310,000, 315,000 and 324,300 underlying shares. Additional grants of around 63,000 and 73,400 shares each are also disclosed with various future exercise and expiration dates.

What are the exercise prices and maturities of Rangan Srinivasa’s HDFC Bank options?

The options carry exercise prices of $8.83, $9.23 and $10.21 per Equity Share. Their exercise and expiration dates are staggered, with exercises beginning in 2025 and expirations running from 2029 through 2034, indicating long-term incentive alignment.

Does this HDFC Bank (HDB) Form 3 show any insider share purchases or sales?

No specific purchases or sales are identified; the entries are classified as holdings with unknown transaction codes. The Form 3 functions as an initial snapshot of existing share and option positions, not as a record of recent trading activity.