HDFC Bank (HDB) executive details 327k shares plus large option grants

Rhea-AI Filing Summary

HDFC Bank Ltd executive Ajay Giridharilal Agarwal, Group Head – Secretarial, has filed an initial ownership report. He directly holds 327,234 Equity Shares of HDFC Bank and has additional indirect holdings of 10,840 Equity Shares through his spouse and 20,000 Equity Shares through his son.

He also holds multiple Employee Stock Options (Right to Buy) over Equity Shares at exercise prices ranging from $5.9200 to $10.6300, with expiration dates between 2027 and 2033. The largest single option grant shown covers 274,000 underlying Equity Shares at an exercise price of $5.9200.

Insider Trade Summary

17 transactions reported

Mixed 17 txns

Insider AGARWAL AJAY GIRIDHARILAL

Role Group Head - Secretarial

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	Equity Shares	--	--	--
holding	Equity Shares	--	--	--
holding	Equity Shares	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 11,600 shares (Direct); Equity Shares — 327,234 shares (Direct); Equity Shares — 10,840 shares (Indirect, Spouse)

Footnotes (1)

1. [object Object]

Understanding Insider Trading Forms →

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^*

AGARWAL AJAY GIRIDHARILAL

(Last) (First) (Middle)

HDFC BANK LIMITED, BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL

(Street)

MUMBAI INDIA 400013

(City) (State) (Zip)

INDIA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/30/2026

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

3a. Foreign Trading Symbol
[HDFCBANK]

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Group Head - Secretarial

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	327,234	D
Equity Shares	10,840	I	Spouse
Equity Shares	20,000	I	Son

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)	09/18/2026	09/18/2030	Equity Shares	11,600	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2027	09/18/2031	Equity Shares	15,400	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2028	09/18/2032	Equity Shares	19,300	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2029	09/18/2033	Equity Shares	30,710	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/04/2022	09/04/2027	Equity Shares	274,000	$5.92(1)	D
Employee Stock Option (Right to Buy)	05/02/2023	05/02/2028	Equity Shares	2,716	$7.3(1)	D
Employee Stock Option (Right to Buy)	05/02/2024	05/02/2029	Equity Shares	2,714	$7.3(1)	D
Employee Stock Option (Right to Buy)	10/29/2025	10/29/2029	Equity Shares	13,400	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2026	10/29/2030	Equity Shares	13,400	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2027	10/29/2031	Equity Shares	13,400	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2028	10/29/2032	Equity Shares	13,120	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/25/2024	10/25/2028	Equity Shares	32,600	$8.28(1)	D
Employee Stock Option (Right to Buy)	10/25/2025	10/25/2029	Equity Shares	32,600	$8.28(1)	D
Employee Stock Option (Right to Buy)	10/25/2026	10/25/2030	Equity Shares	33,620	$8.28(1)	D

Explanation of Responses:

1. Conversion rate as on March 30, 2026 applied: 1 INR= 0.011 USD

Remarks:

Exhibit 24 - Power of Attorney Officer Title - Group Head- Group Oversight and Secretarial The equity shares of the Bank are listed on BSE (code is 500180) and NSE (code is HDFCBANK) This Form 3 is being filed late due to an administrative delay in obtaining the reporting person EDGAR filing credentials. With respect to the untimely filing of this Form 3, the reporting person intends to rely on the no action relief available to directors and officers of foreign private issuers pursuant to Question 6 of the Holding Foreign Insiders Accountable Act FAQ(added on March 12, 2026).

	/s/ Dhanjit Thaivalappil, Attorney in fact for Agarwal Ajay Giridharilal	03/30/2026
	** 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.
* Form 3: SEC 1473 (03-26)

FAQ

What does HDFC Bank (HDB) executive Ajay Agarwal report in this Form 3?

He reports his initial beneficial ownership in HDFC Bank. This includes direct holdings of 327,234 Equity Shares, indirect holdings via his spouse and son, and several employee stock option grants over additional Equity Shares with specified exercise prices and expiration dates.

How many HDFC Bank (HDB) shares does Ajay Agarwal hold directly and indirectly?

He directly holds 327,234 Equity Shares. Indirectly, he is reported to have 10,840 Equity Shares held by his spouse and 20,000 Equity Shares held by his son, reflecting family-related beneficial ownership interests in HDFC Bank.

What stock options over HDFC Bank (HDB) shares does Ajay Agarwal hold?

He holds multiple Employee Stock Options (Right to Buy) over Equity Shares. These options have exercise prices including $5.9200, $7.3000, $8.2800, $9.5400 and $10.6300 per share, with expiration dates ranging from 2027 through 2033, covering various underlying share amounts.

What is the largest single HDFC Bank (HDB) option grant reported by Ajay Agarwal?

The largest single option position shown covers 274,000 underlying Equity Shares. This Employee Stock Option carries an exercise price of $5.9200 per share and an expiration date in 2027, highlighting a significant potential equity exposure linked to the bank’s share performance.

Does this HDFC Bank (HDB) Form 3 show recent share purchases or sales by Ajay Agarwal?

The data provided classifies all entries as holdings with unknown transaction codes and neutral net buy–sell direction. It functions as an initial ownership statement, listing existing shares and option positions rather than explicitly recording new open‑market purchases or sales.

What currency conversion is referenced in Ajay Agarwal’s HDFC Bank (HDB) filing?

A footnote states that a conversion rate as on March 30, 2026 was applied, using 1 INR = 0.011 USD. This indicates how any rupee‑denominated values connected to the filing were translated into U.S. dollars for reporting purposes.