HDFC Bank director exercises 10,000 stock options

HDFC Bank director Kaizad Bharucha reported exercising employee stock options to acquire 10,000 equity shares on April 3, 2026.

Accepted by SEC EDGAR 04/07/2026 - 08:24 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

HDFC Bank director Kaizad Bharucha reported exercising employee stock options to acquire 10,000 equity shares on April 3, 2026. The options carried an exercise price of $6.80 per share, corresponding to INR 617.90. Following the exercise, he directly owns 4,602,082 equity shares of HDFC Bank.

Insider Trade Summary

10,000 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)	10,000	$6.80	$68K
In-the-Money Exercise	Equity Shares	10,000	$6.80	$68K

Holdings After Transaction: Employee Stock Option (Right to Buy) — 50,000 contracts (Direct); Equity Shares — 4,602,082 shares (Direct)

Footnotes (3)

1. F1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date
2. F2. X represents Exercise of Employee Stock Options (Right to Buy)
3. 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 04/07/2026 would correspond to an exercise price in USD $ 6.8

Key Figures

Options exercised: 10,000 options Exercise price (USD): $6.80 per share Exercise price (INR): INR 617.90 per share +2 more

5 metrics

Options exercised 10,000 options Employee Stock Option (Right to Buy) exercised on April 3, 2026

Exercise price (USD) $6.80 per share In-the-money derivative exercise of employee stock options

Exercise price (INR) INR 617.90 per share Converted using INR 1.00 = $0.011 as of April 7, 2026

Shares owned after exercise 4,602,082 shares Total direct HDFC Bank equity shares following the transaction

Derivative exercises reported 1 transaction In-the-money derivative exercise counted in transaction summary

Key Terms

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

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

"underlying_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.

exercise price financial

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

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

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

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

Kaizad Bharucha reported exercising employee stock options to acquire 10,000 HDFC Bank equity shares. The transaction was coded as an in-the-money derivative exercise, converting options into directly held shares rather than an open-market purchase or sale.

At what price were the HDFC Bank (HDB) employee stock options exercised?

The employee stock options were exercised at an effective price of $6.80 per share. This corresponds to an exercise price of INR 617.90, using an exchange rate of INR 1.00 equal to $0.011 as referenced in the filing footnote.

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

After exercising the options, Kaizad Bharucha directly holds 4,602,082 HDFC Bank equity shares. This context shows the 10,000-share option exercise is small relative to his total direct holdings, indicating a routine compensation-related equity acquisition.

Was the HDFC Bank (HDB) Form 4 transaction an open-market buy or sell?

The Form 4 reports an in-the-money derivative exercise, not an open-market buy or sell. Bharucha converted 10,000 employee stock options into equity shares, increasing his direct share ownership without recording any separate purchase or sale transaction in the market.

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

The X transaction code in this Form 4 denotes the exercise of an in-the-money or at-the-money derivative security. Here it reflects the exercise of employee stock options, turning 10,000 options into an equal number of HDFC Bank equity shares at the stated exercise price.

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

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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)
04/03/2026

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	04/03/2026(1)		X(2)		10,000	A	$6.8(3)	4,602,082	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)	04/03/2026(1)		X(2)			10,000	10/24/2024	10/24/2026	Equity Shares	10,000	$6.8(3)	50,000	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 04/07/2026 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	04/07/2026
	** 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)