HDFC Bank (NYSE: HDB) executive exercises 6,000 share options

Rhea-AI Filing Summary

HDFC Bank executive Anil Bhavnani exercised employee stock options to acquire 6,000 equity shares on April 23, 2026. The options covered 3,000 shares at an exercise price of INR 617.90 (about $6.80) and 3,000 shares at INR 713.23 (about $7.85) per share.

Following these in-the-money exercises, Bhavnani directly holds 703,436 equity shares. The filing shows no remaining employee stock options after these transactions, indicating a routine conversion of derivative compensation into common equity.

Insider Trade Summary

6,000 shares exercised/converted

Mixed 4 txns

Insider Bhavnani Anil

Role Group Head - Transportation

Type	Security	Shares	Price	Value
X	EmployeeStockOption (Right to Buy)	3,000	$6.80	$20K
X	EmployeeStockOption (Right to Buy)	3,000	$7.85	$24K
X	Equity Shares	3,000	$6.80	$20K
X	Equity Shares	3,000	$7.85	$24K

Holdings After Transaction: EmployeeStockOption (Right to Buy) — 51,400 shares (Direct, null); Equity Shares — 700,436 shares (Direct, null)

Footnotes (1)

1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date X represents Exercise of Employee Stock Options (Right to Buy) The exercise price is Indian Rupees (INR) 617.90 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/23/2026 would correspond to an exercise price in USD $ 6.8 The exercise price is Indian Rupees (INR) 713.23 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/23/2026 would correspond to an exercise price in USD $ 7.85

Key Figures

Options exercised: 6,000 shares Exercise price (grant 1): INR 617.90 (~$6.80) per share Exercise price (grant 2): INR 713.23 (~$7.85) per share +3 more

6 metrics

Options exercised 6,000 shares Employee stock options exercised on April 23, 2026

Exercise price (grant 1) INR 617.90 (~$6.80) per share 3,000 options exercised into equity shares

Exercise price (grant 2) INR 713.23 (~$7.85) per share 3,000 options exercised into equity shares

Exchange rate used INR 1.00 = $0.011 Conversion of INR exercise prices to USD equivalents

Shares held after 703,436 equity shares Direct holdings following April 23, 2026 exercises

Options remaining 0 options No derivative positions listed after transactions

Key Terms

Employee Stock Option (Right to Buy), Exercise of in-the-money or at-the-money derivative security, Indian Rupees (INR), Equity Shares

4 terms

Employee Stock Option (Right to Buy) financial

"security_title": "EmployeeStockOption (Right to Buy)""

Exercise of in-the-money or at-the-money derivative security financial

"transaction_code_description": "Exercise of in-the-money or at-the-money derivative security""

Indian Rupees (INR) financial

"The exercise price is Indian Rupees (INR) 617.90"

Equity Shares financial

"security_title": "Equity Shares""

Equity shares are units of ownership in a company that give the holder a claim on a portion of its assets and profits, like owning a slice of a business. They matter to investors because their value can rise or fall with the company’s performance and market sentiment, may provide periodic income through dividends, and often carry voting rights that influence how the business is run.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhavnani Anil

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL WEST

(Street)

MUMBAI INDIA 400013

(City) (State) (Zip)

INDIA

(Country)

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

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

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

2a. Foreign Trading Symbol
[HDFCBANK]

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Equity Shares	04/23/2026(1)		X(2)		3,000	A	$6.8(3)	700,436	D
Equity Shares	04/23/2026(1)		X(2)		3,000	A	$7.85(4)	703,436	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
EmployeeStockOption (Right to Buy)	$6.8(3)	04/23/2026(1)		X(2)			3,000	10/24/2024	10/24/2026	Equity Shares	3,000	$6.8(3)	51,400	D
EmployeeStockOption (Right to Buy)	$7.85(4)	04/23/2026(1)		X(2)			3,000	07/31/2024	07/31/2026	Equity Shares	3,000	$7.85(4)	18,800	D

Explanation of Responses:

1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date

2. X represents Exercise of Employee Stock Options (Right to Buy)

3. The exercise price is Indian Rupees (INR) 617.90 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/23/2026 would correspond to an exercise price in USD $ 6.8

4. The exercise price is Indian Rupees (INR) 713.23 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/23/2026 would correspond to an exercise price in USD $ 7.85

Remarks:

The equity shares of the Bank are listed on NSE and BSE. The Trading symbol of NSE is HDFCBANK and is mentioned in the form under Foreign Trading Symbol. The Foreign Trading Symbol of BSE is 500180 Group Head - Transportation

	/s/ Dhanjit Thaivalappil, Attorney in fact for Bhavnani Anil	04/24/2026
	** 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 4 (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 4: SEC 1474 (03-26)

FAQ

What did HDFC Bank (HDB) executive Anil Bhavnani report in this Form 4?

Anil Bhavnani reported exercising employee stock options for 6,000 HDFC Bank equity shares. These in-the-money option exercises converted derivative compensation into common shares, increasing his direct share ownership as disclosed in the filing.

How many HDFC Bank (HDB) shares did Anil Bhavnani acquire in the reported transactions?

He acquired 6,000 equity shares in total. The filing shows two exercises, each for 3,000 shares, resulting from employee stock options that converted into HDFC Bank equity shares on April 23, 2026.

At what prices did Anil Bhavnani exercise his HDFC Bank (HDB) stock options?

He exercised 3,000 options at an exercise price of INR 617.90 (about $6.80) and another 3,000 at INR 713.23 (about $7.85). These prices reflect the option strike levels stated in the Form 4 footnotes.

How many HDFC Bank (HDB) shares does Anil Bhavnani hold after these option exercises?

After the exercises, Bhavnani directly holds 703,436 equity shares. This post-transaction holding figure in the Form 4 helps investors see the scale of his overall ownership relative to the 6,000 shares acquired.

Were Anil Bhavnani’s HDFC Bank (HDB) transactions open-market buys or option exercises?

They were option exercises, not open-market purchases. The Form 4 uses transaction code X and describes them as “Exercise of in-the-money or at-the-money derivative security,” indicating employee stock option exercises.

Does Anil Bhavnani have any HDFC Bank (HDB) employee stock options remaining after these transactions?

The derivative section shows no remaining employee stock options after the exercises. This suggests all options covered in this Form 4 were exercised, with 6,000 equity shares issued and no related derivative position left.