HDFC Bank (NYSE: HDB) director exercises options, holds 4.59M shares

Rhea-AI Filing Summary

HDFC Bank Ltd director Kaizad Bharucha exercised employee stock options for 6,000 Equity Shares on March 23, 2026. The options carried an exercise price of $6.80 per share, corresponding to INR 617.90 based on the stated exchange rate.

This in-the-money derivative exercise converted 6,000 Employee Stock Options (Right to Buy) into ordinary Equity Shares. Following the transaction, Bharucha directly holds 4,592,082 Equity Shares of HDFC Bank Ltd, with no remaining position reported from this specific option grant.

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
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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^*

Bharucha Kaizad

(Last) (First) (Middle)

HDFC BANK LIMITED, BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL

(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)

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

2a. Foreign Trading Symbol
[HDFCBANK]

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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	03/23/2026(1)		X(2)		6,000	A	$6.8(3)	4,592,082	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
Employee Stock Option (Right to Buy)	$6.8(3)	03/23/2026(1)		X(2)			6,000	10/24/2024	10/24/2026	Equity Shares	6,000	$6.8(3)	60,000	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 03/24/2026 would correspond to an exercise price in USD $ 6.8

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 Deputy Managing Director

	/s/ Dhanjit Thaivalappil, Attorney in fact for Bharucha Kaizad	03/24/2026
	** 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 insider transaction did HDFC Bank (HDB) disclose for Kaizad Bharucha?

HDFC Bank disclosed that director Kaizad Bharucha exercised 6,000 employee stock options into Equity Shares on March 23, 2026. This was an in-the-money derivative exercise, increasing his direct shareholding in the bank.

How many HDFC Bank (HDB) shares does Kaizad Bharucha own after this Form 4?

After the reported transactions, Kaizad Bharucha directly holds 4,592,082 Equity Shares of HDFC Bank Ltd. The Form 4 shows this total following the exercise of 6,000 employee stock options on March 23, 2026.

What was the exercise price for the HDFC Bank (HDB) options exercised by Kaizad Bharucha?

The employee stock options were exercised at INR 617.90 per share, corresponding to about $6.80 per share based on the stated exchange rate. This price applied to all 6,000 options exercised into Equity Shares.

Was the HDFC Bank (HDB) insider transaction a purchase or an option exercise?

The transaction was an exercise of employee stock options, not an open-market purchase. Code X and the description identify it as an in-the-money derivative exercise converting 6,000 options into Equity Shares at the stated exercise price.

Does the HDFC Bank (HDB) Form 4 show any share sales by Kaizad Bharucha?

The Form 4 shows no reported share sales. It records two acquire-side entries: one derivative exercise of 6,000 employee stock options and the corresponding increase of 6,000 Equity Shares in his direct holdings.