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HDFC Bank (NYSE: HDB) executive discloses equity stake and options

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

HDFC Bank Ltd executive Nirav Vimal Shah, Group Head Corporate Banking, filed an initial statement of beneficial ownership. The filing reports direct holdings of 1,246,800 Equity Shares of HDFC Bank as of the reported date.

Shah also holds multiple employee stock options over Equity Shares at various exercise prices and expirations. These include options with an exercise price of 6.8000 per share expiring on October 24, 2026, and further grants at 7.8500, 9.0000, 9.5400, and 10.6300 per share with expirations running through September 18, 2033.

Positive

  • None.

Negative

  • None.
Insider Shah Nirav Vimal
Role Group Head Corporate Banking
Type Security Shares Price Value
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Employee Stock Option (Right to Buy) -- -- --
holding Equity Shares -- -- --
Holdings After Transaction: Employee Stock Option (Right to Buy) — 130,000 shares (Direct); Equity Shares — 1,246,800 shares (Direct)
Footnotes (1)
  1. [object Object]
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
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
Shah Nirav Vimal

(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Group Head Corporate Banking
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 1,246,800 D
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 (Right to Buy) 10/24/2024 10/24/2026 Equity Shares 130,000 $6.8(1) D
Employee Stock Option (Right to Buy) 07/31/2024 07/31/2026 Equity Shares 51,800 $7.85(1) D
Employee Stock Option (Right to Buy) 07/31/2025 07/31/2027 Equity Shares 52,000 $7.85(1) D
Employee Stock Option (Right to Buy) 09/26/2023 09/26/2027 Equity Shares 44,800 $7.85(1) D
Employee Stock Option (Right to Buy) 09/26/2024 09/26/2028 Equity Shares 44,800 $7.85(1) D
Employee Stock Option (Right to Buy) 09/26/2025 09/26/2029 Equity Shares 44,800 $7.85(1) D
Employee Stock Option (Right to Buy) 09/26/2026 09/26/2030 Equity Shares 44,600 $7.85(1) D
Employee Stock Option (Right to Buy) 09/13/2024 09/13/2028 Equity Shares 44,800 $9(1) D
Employee Stock Option (Right to Buy) 09/13/2025 09/13/2029 Equity Shares 44,800 $9(1) D
Employee Stock Option (Right to Buy) 09/13/2026 09/13/2030 Equity Shares 44,800 $9(1) D
Employee Stock Option (Right to Buy) 09/13/2027 09/13/2031 Equity Shares 44,980 $9(1) D
Employee Stock Option (Right to Buy) 10/29/2025 10/29/2029 Equity Shares 41,600 $9.54(1) D
Employee Stock Option (Right to Buy) 10/29/2026 10/29/2030 Equity Shares 41,600 $9.54(1) D
Employee Stock Option (Right to Buy) 10/29/2027 10/29/2031 Equity Shares 41,600 $9.54(1) D
Employee Stock Option (Right to Buy) 10/29/2028 10/29/2032 Equity Shares 41,600 $9.54(1) D
Employee Stock Option (Right to Buy) 09/18/2026 09/18/2030 Equity Shares 18,400 $10.63(1) D
Employee Stock Option (Right to Buy) 09/18/2027 09/18/2031 Equity Shares 24,600 $10.63(1) D
Employee Stock Option (Right to Buy) 09/18/2028 09/18/2032 Equity Shares 30,700 $10.63(1) D
Employee Stock Option (Right to Buy) 09/18/2029 09/18/2033 Equity Shares 49,140 $10.63(1) D
Explanation of Responses:
1. Conversion rate as on March 16, 2026 applied : 1Rs = 0.011 USD
Remarks:
Exhibit 24 - Power of Attorney Group Head - Corporate Banking
/s/ Dhanjit Thaivalappil, Attorney in fact for Shah Nirav Vimal 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 the latest Form 3 for HDFC Bank (HDB) show about Nirav Vimal Shah?

The Form 3 shows that Nirav Vimal Shah, Group Head Corporate Banking, directly holds 1,246,800 Equity Shares of HDFC Bank. It also lists multiple employee stock option awards over additional Equity Shares at specified exercise prices and future expiration dates.

How many HDFC Bank (HDB) equity shares does Nirav Vimal Shah directly own?

Nirav Vimal Shah directly owns 1,246,800 Equity Shares of HDFC Bank. This figure comes from the common stock line in the filing, which reports total shares following the reported holdings as 1,246,800 under direct ownership.

What employee stock options does Nirav Vimal Shah hold in HDFC Bank (HDB)?

Shah holds several Employee Stock Options (Right to Buy) over Equity Shares with exercise prices between 6.8000 and 10.6300 per share. These option grants have staggered expiration dates extending from 2026 through 2033, reflecting long-term incentive awards.

Are Nirav Vimal Shah’s HDFC Bank (HDB) holdings direct or indirect?

All reported holdings for Nirav Vimal Shah in this filing are marked as direct ownership. Both the Equity Shares and each Employee Stock Option position list ownership type and code as direct, with no trusts or other entities referenced.

Do the reported HDFC Bank (HDB) options for Nirav Vimal Shah have specific expiration dates?

Yes. Each Employee Stock Option position lists a precise expiration date, ranging from October 24, 2026 up to September 18, 2033. These dates define the final day on which the respective options can be exercised under the plan.

Is there any buy or sell transaction in this HDFC Bank (HDB) Form 3?

No buy or sell transactions are reported; it is an initial ownership statement. All entries are classified as holdings, and the transaction summary shows zero buys, zero sells, and a neutral net buy-sell direction with only holding entries recorded.
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