HDFC Bank director exercises 5,000 stock options

Q: What insider transaction did HDFC Bank (HDB) report for Bharucha Kaizad?

HDFC Bank reported that director Bharucha Kaizad exercised employee stock options to acquire 5,000 Equity Shares. This was recorded as an in-the-money derivative exercise, not an open-market purchase or sale of HDFC Bank shares.

Q: At what price were the HDFC Bank (HDB) options exercised by Bharucha Kaizad?

The options were exercised at an effective price of $6.80 per share, corresponding to an exercise price of INR 617.90. The filing notes this INR amount and converts it using an exchange rate to show the equivalent U.S. dollar price.

Q: How many HDFC Bank (HDB) shares does Bharucha Kaizad hold after this transaction?

After the option exercise, Bharucha Kaizad directly holds 4,607,082 Equity Shares of HDFC Bank. This figure reflects his direct ownership position immediately following the reported April 17, 2026 derivative exercise transaction.

Q: How many HDFC Bank (HDB) employee stock options remain with Bharucha Kaizad?

Following the transaction, 45,000 Employee Stock Options (Right to Buy) remain attributed to Bharucha Kaizad. These options are separate from his equity share holdings and represent additional potential future share acquisitions if exercised later.

Q: What does the transaction code X mean in the HDFC Bank (HDB) Form 4?

In this Form 4, transaction code X indicates an exercise of an in-the-money or at-the-money derivative security. Here, it reflects exercising employee stock options, converting rights to buy HDFC Bank shares into actual Equity Shares.

Q: Was the HDFC Bank (HDB) insider transaction a market purchase or sale?

The reported activity was an in-the-money derivative exercise, not an open-market purchase or sale. Bharucha Kaizad exercised employee stock options to receive shares, increasing his direct holdings without a separate market trade being reported.

Director Bharucha Kaizad of HDFC Bank Ltd exercised employee stock options to acquire 5,000 Equity Shares on April 17, 2026.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Director Bharucha Kaizad of HDFC Bank Ltd exercised employee stock options to acquire 5,000 Equity Shares on April 17, 2026. The options were exercised at an effective price of $6.80 per share, corresponding to INR 617.90 based on the stated exchange rate.

Following this in-the-money derivative exercise, Kaizad directly holds 4,607,082 Equity Shares and 45,000 Employee Stock Options (Right to Buy). The filing records this as an acquisition via option exercise rather than an open-market purchase or sale.

Insider Trade Summary

5,000 shares exercised/converted

Exercise 2 txns

Insider Bharucha Kaizad

Role Director

Type	Security	Shares	Price	Value
In-the-Money Exercise	Employee Stock Option (Right to Buy)	5,000	$6.80	$34K
In-the-Money Exercise	Equity Shares	5,000	$6.80	$34K

Holdings After Transaction: Employee Stock Option (Right to Buy) — 45,000 contracts (Direct); Equity Shares — 4,607,082 shares (Direct)

Footnotes (3)

F1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date
F2. X represents Exercise of Employee Stock Options (Right to Buy)
F3. The exercise price is Indian Rupees (INR) 617.90 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/20/2026 would correspond to an exercise price in USD $ 6.8

Key Figures

Shares acquired via option exercise: 5,000 shares Exercise price (USD equivalent): $6.80 per share Exercise price (INR): INR 617.90 +4 more

7 metrics

Shares acquired via option exercise 5,000 shares Equity Shares acquired on April 17, 2026

Exercise price (USD equivalent) $6.80 per share Effective price for exercised employee stock options

Exercise price (INR) INR 617.90 Stated option exercise price in Indian Rupees

Shares held after transaction 4,607,082 shares Total direct Equity Shares following exercise

Options remaining after exercise 45,000 options Employee Stock Options (Right to Buy) still held

Options exercised 5,000 options Employee Stock Options converted into Equity Shares

Option expiration date October 24, 2026 Expiration for the reported Employee Stock Option grant

Key Terms

Employee Stock Option (Right to Buy), in-the-money derivative exercise, Equity Shares, transaction code X

4 terms

Employee Stock Option (Right to Buy) financial

"security_title: "Employee Stock Option (Right to Buy)""

in-the-money derivative exercise financial

"transaction_action: "in-the-money derivative exercise""

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.

transaction code X regulatory

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HDFC Bank (HDB) report for Bharucha Kaizad?

HDFC Bank reported that director Bharucha Kaizad exercised employee stock options to acquire 5,000 Equity Shares. This was recorded as an in-the-money derivative exercise, not an open-market purchase or sale of HDFC Bank shares.

At what price were the HDFC Bank (HDB) options exercised by Bharucha Kaizad?

The options were exercised at an effective price of $6.80 per share, corresponding to an exercise price of INR 617.90. The filing notes this INR amount and converts it using an exchange rate to show the equivalent U.S. dollar price.

How many HDFC Bank (HDB) shares does Bharucha Kaizad hold after this transaction?

After the option exercise, Bharucha Kaizad directly holds 4,607,082 Equity Shares of HDFC Bank. This figure reflects his direct ownership position immediately following the reported April 17, 2026 derivative exercise transaction.

How many HDFC Bank (HDB) employee stock options remain with Bharucha Kaizad?

Following the transaction, 45,000 Employee Stock Options (Right to Buy) remain attributed to Bharucha Kaizad. These options are separate from his equity share holdings and represent additional potential future share acquisitions if exercised later.

What does the transaction code X mean in the HDFC Bank (HDB) Form 4?

In this Form 4, transaction code X indicates an exercise of an in-the-money or at-the-money derivative security. Here, it reflects exercising employee stock options, converting rights to buy HDFC Bank shares into actual Equity Shares.

Was the HDFC Bank (HDB) insider transaction a market purchase or sale?

The reported activity was an in-the-money derivative exercise, not an open-market purchase or sale. Bharucha Kaizad exercised employee stock options to receive shares, increasing his direct holdings without a separate market trade being reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/20/2026 - 07:41 AM EDT

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^*

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)
04/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Equity Shares	04/17/2026⁽¹⁾		X⁽²⁾		5,000	A	$6.8⁽³⁾	4,607,082	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$6.8⁽³⁾	04/17/2026⁽¹⁾		X⁽²⁾			5,000	10/24/2024	10/24/2026	Equity Shares	5,000	$6.8⁽³⁾	45,000	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 04/20/2026 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	04/20/2026
	** 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)

Source: View Original Filing on SEC EDGAR