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HDFC Bank (NYSE: HDB) executive exercises 50,000 options, holds 1.3M shares

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

HDFC Bank Group Head of Corporate Banking, Nirav Vimal Shah, exercised employee stock options to acquire 50,000 Equity Shares on an in-the-money basis. The options were exercised at an effective price of $6.80 per share, corresponding to INR 617.90 per footnote.

Following the exercise, Shah’s directly held Equity Shares increased to 1,296,800 shares. The filing shows an option exercise and share acquisition only, with no open-market sale, and no remaining derivative position from this grant reported in this filing.

Positive

  • None.

Negative

  • None.
Insider Shah Nirav Vimal
Role Group Head Corporate Banking
Type Security Shares Price Value
X Employee Stock Option (Right to Buy) 50,000 $6.80 $340K
X Equity Shares 50,000 $6.80 $340K
Holdings After Transaction: Employee Stock Option (Right to Buy) — 80,000 shares (Direct); Equity Shares — 1,296,800 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 04/07/2026 would correspond to an exercise price in USD $ 6.8
Options exercised 50,000 shares Employee Stock Option (Right to Buy) exercised on April 2, 2026
Exercise price (USD) $6.80 per share Effective exercise price based on disclosed INR–USD exchange rate
Exercise price (INR) INR 617.90 Employee Stock Option exercise price per footnote F3
Shares held after transaction 1,296,800 shares Total directly held Equity Shares following exercise
Exercised derivative shares 50,000 underlying shares Underlying Equity Shares for the exercised Employee Stock Option
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 regulatory
"INSIDER FILING DATA (Form 4):"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
MUMBAIINDIA400013
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Group Head Corporate Banking
2a. Foreign Trading Symbol
[HDFCBANK]
3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Equity Shares04/02/2026(1)X(2)50,000A$6.8(3)1,296,800D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (Right to Buy)$6.8(3)04/02/2026(1)X(2)50,00010/24/202410/24/2026Equity Shares50,000$6.8(3)80,000D
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 Group Head - Corporate Banking
/s/ Dhanjit Thaivalappil, Attorney in fact for Shah Nirav Vimal04/07/2026
** Signature of Reporting PersonDate
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

FAQ

What insider transaction did HDFC Bank (HDB) report for Nirav Vimal Shah?

HDFC Bank reported that executive Nirav Vimal Shah exercised employee stock options to acquire 50,000 Equity Shares. The transaction used in-the-money options and increased his directly held share position, without any accompanying open-market sale in this filing.

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

After the reported option exercise, Nirav Vimal Shah directly holds 1,296,800 Equity Shares of HDFC Bank. This total reflects the addition of 50,000 shares acquired through exercising employee stock options described as an in-the-money derivative exercise.

At what price were the HDFC Bank (HDB) options exercised in Nirav Shah’s Form 4?

The employee stock options were exercised at an effective price of $6.80 per share. A footnote explains this corresponds to an exercise price of INR 617.90, using an exchange rate that equates INR 1.00 to USD $0.011 as of April 7, 2026.

What does the code X mean in the HDFC Bank (HDB) Form 4 for Nirav Shah?

The transaction code X indicates an exercise of a derivative security, specifically employee stock options described as a Right to Buy. Footnotes clarify X represents the exercise of Employee Stock Options and that this was an in-the-money or at-the-money derivative exercise.

Did Nirav Vimal Shah sell any HDFC Bank (HDB) shares in this Form 4?

The Form 4 shows only an in-the-money exercise of 50,000 employee stock options and the corresponding acquisition of Equity Shares. There are no open-market sales or tax withholding dispositions reported, and net buy-sell direction is indicated as neutral in the summary data.

What type of security did Nirav Shah exercise in the HDFC Bank (HDB) filing?

He exercised an Employee Stock Option (Right to Buy) that converted into 50,000 Equity Shares. The derivative entry and corresponding non-derivative Equity Shares entry share the same share count, reflecting the one-to-one conversion of options into common equity in this transaction.