HDFC Bank (NYSE: HDB) leader exercises 80,000 share options

Rhea-AI Filing Summary

HDFC Bank Group Head – Corporate Banking, Nirav Vimal Shah, exercised employee stock options to acquire 80,000 equity shares. The options were exercised at an effective price of $6.80 per share, corresponding to an exercise price of INR 617.90 based on a stated exchange rate.

Following this in-the-money derivative exercise, he directly holds 1,376,800 equity shares of HDFC Bank. The Form 4 classifies the transactions as option exercises rather than open-market purchases or sales, indicating a compensation-related increase in his direct share ownership.

Insider Trade Summary

80,000 shares exercised/converted

Mixed 2 txns

Insider Shah Nirav Vimal

Role Group Head Corporate Banking

Type	Security	Shares	Price	Value
X	Employee Stock Option (Right to Buy)	80,000	$6.80	$544K
X	Equity Shares	80,000	$6.80	$544K

Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 shares (Direct); Equity Shares — 1,376,800 shares (Direct)

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 04/09/2026 would correspond to an exercise price in USD $ 6.8

Key Figures

Options exercised: 80,000 options Exercise price (USD): $6.80 per share Exercise price (INR): INR 617.90 per share +1 more

4 metrics

Options exercised 80,000 options Employee Stock Option (Right to Buy) exercised on 2026-04-07

Exercise price (USD) $6.80 per share Effective exercise price for the 80,000 options

Exercise price (INR) INR 617.90 per share Local-currency exercise price referenced in Form 4 footnote

Shares held after transaction 1,376,800 equity shares Total direct HDFC Bank holdings following the option exercise

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"

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.

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^*

Shah Nirav Vimal

(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 Corporate Banking

2a. Foreign Trading Symbol
[HDFCBANK]

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

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	04/07/2026(1)		X(2)		80,000	A	$6.8(3)	1,376,800	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)	04/07/2026(1)		X(2)			80,000	10/24/2024	10/24/2026	Equity Shares	80,000	$6.8(3)	0	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 04/09/2026 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 Group Head - Corporate Banking

	/s/ Dhanjit Thaivalappil, Attorney in fact for Shah Nirav Vimal	04/09/2026
	** 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) report for Nirav Vimal Shah?

HDFC Bank reported that Group Head – Corporate Banking, Nirav Vimal Shah, exercised employee stock options for 80,000 equity shares. The Form 4 identifies this as an in-the-money derivative exercise, converting existing options into directly held equity rather than an open-market purchase.

At what price were the HDFC Bank (HDB) options exercised by Nirav Vimal Shah?

The options were exercised at an effective price of $6.80 per share, which corresponds to an exercise price of INR 617.90 using an exchange rate of INR 1.00 = USD $0.011 as referenced in the footnotes to the Form 4.

How many HDFC Bank (HDB) shares does Nirav Vimal Shah hold after this Form 4 transaction?

After exercising the employee stock options, Nirav Vimal Shah directly holds 1,376,800 equity shares of HDFC Bank. This post-transaction holding figure is disclosed in the Form 4 as the total number of equity shares owned following the reported transactions.

Was the HDFC Bank (HDB) Form 4 transaction a market buy or sell?

The Form 4 classifies the activity as an in-the-money derivative exercise coded “X,” not as an open-market buy or sell. It reflects conversion of employee stock options into equity shares, with no separate purchase or sale transaction reported in the filing.

What securities were involved in Nirav Vimal Shah’s HDFC Bank (HDB) Form 4 filing?

The filing involves Employee Stock Options (Right to Buy) and the underlying Equity Shares. One derivative line shows exercise of 80,000 options, and a corresponding non-derivative line records acquisition of 80,000 equity shares at the same exercise price per share.